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Well-known businessman and entrepreneur Kevin OâLeary is the leader of the organization that will purchase TikTok with an initial price of $ 20 billion and $ 30 billion. The average price is a price reduction of up to 90% from the company’s previous budget; This reflects regulatory issues and uncertainty surrounding the popular short video sharing platform.
The US House of Representatives recently passed a bill forcing TikTok’s Chinese owner ByteDance to divest its US assets within six months or face sanctions, increasing pressure on the company. Although ByteDance has lobbied against the bill,O’Leary believes the sale is the most likely and estimates the sale will be at least 50% after the US elections.
But any deal could face hurdles, including uncertainty over whether the Chinese government would approve ByteDance’ssale of TikTok to U.S. buyers. O’Leary acknowledged that White House approval was needed due to national security implications and has discussed the issue with key politicians, including Republican nominee Donald Trump and current President Joe Biden.
The proposal will be able to remove TikTok users’ preferences according to the process that is important for its success. O’Leary hopes buyers will want to recreate the algorithms using the US code, thus transforming TikTok from its Chinese roots into a local platform.
Despite the complexity of the deal, O’Leary expressed interest, noting negotiations with other interested parties and plans to include significant amounts of money. Joined from April. Former US Treasury Secretary Steve Mnuchin also expressed interest in pursuing TikTok, further highlighting the potential deal.
This is the hardest thing in social media, and I learned how to create a new algorithm,” said O-Leary. Despite the competition, he is still optimistic about time and the huge value of TikTok, the biggest entertainment and entertainment platform in the United States.
TikTok did not immediately respond to a request for advice on what to buy. As the controversy widens and regulatory pressure mount, TikTok’s fate hangs in the balance as O’ Leary and his team confront the advertising challenge personally it supports.