'Clock Is Ticking': Kevin O'Leary Speculates 'There Won't Be a Third' TikTok Ban Extension The new deadline expires in mid-June.
By Erin Davis
Key Takeaways
- Congress passed a law in April 2024 that gave TikTok until January 19 to separate from ByteDance or face a U.S. ban.
- President Trump has since issued two extensions.
- Kevin O'Leary doubts there will be a third.
Kevin O'Leary is ready for a TikTok to deal to get done.
On Instagram, the long-time "Shark Tank" investor posted a recent television interview (conducted in his signature pajama pants) and told his followers that the TikTok "clock is ticking."
"We're on our second 75-day extension," O'Leary told Fox Business. "I speculate that there will not be a third."
Related: President Donald Trump Extends TikTok Ban Deadline Again — Here's What to Know
The deadline for a TikTok deal was April 5, but it was extended for 75 days a second time earlier this month. President Trump wrote on Truth Social the same day that his administration is "working very hard" on a deal to "save" the app.
In the interview, O'Leary added that he doubts any S&P 500 company would want to pay the penalty of $5,000 a user if a ban goes through, and added that any speculation of a possible lease deal was "shut down three weeks ago." Meanwhile, the 75 days will be up in mid-June.
"Anyone who wants to buy this thing now faces rewriting the algorithm," O'Leary said, adding that it is all up to President Xi Jinping of China and that he "hasn't decided if he's going to sell it or not."
O'Leary has teamed up with billionaire former Dodgers owner Frank McCourt in "The People's Bid" for TikTok. Reddit co-founder Alexis Ohanian has also joined the team.
AI startup Perplexity also submitted a bid to merge its business with TikTok's U.S. division for more than $50 billion.
Amazon and Applovin also recently (separately) submitted bids.
Despite the red tape, O'Leary noted that he is "100% still interested" in buying the social media platform.
"Frank McCourt and I have been working on this for so long, we aren't giving up," O'Leary said.
