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Kevin O'Leary, a well known figure from Shark Tank, has expressed a very real interest in purchasing TikTok and has developed a plan in partnering with another powerful business individual for the acquisition. This has brought into conversation the possibilities of large social platforms changing management within the digital media world.
O'Leary expressed his interest on Fox News of wanting to purchase the social media app before the deadline of a proposed ban in the United States. He plans to partner with Frank McCourt who founded Project Liberty and hopes this combined effort will sway all parties involved.
O'Leary feels he will need help from President-elect Donald Trump to secure this acquisition within the months ahead of the deadline. This shows a strategic way that O'Leary plans to execute the acquisition while utilizing resources he might have at his disposal. The need for outside help further confirms that big shifts are happening within the tech and government world.
The idea to ban TikTok had gained attention with concerns around privacy practices of the Chinese tech firm, ByteDance which is the current owner of the social media application. The concern that American citizen's information may be used as surveillance created the urgency of selling or banning the platform entirely. This high stakes political and financial issues continue to add urgency.
If an American company takes over the app it will allow its availability to continue operating in the U.S.. This also alleviates fears regarding data privacy. The idea of the need for privacy makes O'Leary's proposed plan more appealing in concept, design and intention.
The bid was presented with an emphasis on creating a platform where people are in control with security at the highest regard. The plan includes all users such as creators, small businesses as well as regular daily users to control their personal information which is what the platform will be based on moving forward. O'Leary stated that with McCourt he will look to protect privacy while creating a more valuable user experience.
The core principle of the proposed plan will focus on protecting users personal data and user relationships with that company instead of relying on algorithms to create user engagement. There would be an emphasis on allowing for more say from the user.
O'Leary, known to many from his role on “Shark Tank”, plans to help many businesses and start-ups achieve great success using this unique approach for all involved. His background and connections all create another perspective of the opportunities that might unfold.
O’Leary made mention of his excitement in a joint statement and on social media that he would partner with McCourt. They aim to create a plan where both will come together to deliver a new model of security and functionality using McCourt's project called “Liberty” in creating an “American-made tech stack”. The experience of two very well-known business men with very different views can lead to innovation within tech platforms.
With O’Leary and McCourt at the helm of this potential takeover they aim to deliver a more ethical model for all of social media. This partnership has stated goals that it will not only benefit those who use but also contribute to security while having its users thrive through a new type of user structure.
They both plan to secure a platform which has data security for its main emphasis. The potential to impact a huge market is being sought after with an intended goal to create a model in which people are protected within these online spaces which can hopefully encourage more growth and prosperity. They are leaning on new forms of protection over how an algorithm would traditionally take control.
The ban came due to national security risks due to it being owned by the Chinese tech firm ByteDance as well as having algorithms that may or may not be helpful. Concerns for personal data security were raised and prompted legal action.
Project Liberty founded by McCourt is one of the major keys to restructuring how a digital space can be managed. Their primary goal is user protection which is aligned with O'Leary's goal for security.
If the take over was to come to fruition those involved have indicated that users data would have more control while their presence is being managed in a transparent way with a user experience.