"We are not giving up" - Shark Tank star Kevin O'Leary makes his feelings clear about potentially owning TikTok

Kevin O’Leary, the Canadian investor and prominent figure on Shark Tank, has reiterated his strong interest in acquiring TikTok. Kevin posted a video clip of his conversation with Fox Business on April 23, 2025. O’Leary stated,

"We're not giving up. We're like the dog biting your leg right here. We're not going to stop.”

O'Leary talked about dealing with the legal and global issues around TikTok’s possible sale. The app has over 170 million U.S. users, but national security concerns have sparked the push to sell it.

The U.S. government worries that the Chinese-owned app might share American users' data with China’s government. In 2024, Congress passed a law requiring TikTok’s parent company, ByteDance, to sell it. Former President Trump has extended the deadline twice, and the current 75-day extension ends in June 2025.

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Shark Tank star Kevin O’Leary discusses challenges and progress in the TikTok acquisition bid

On April 23, 2025, in a video posted on his Instagram account, Kevin O’Leary discussed the ongoing efforts and complications surrounding the sale of TikTok in his conversation with Fox Business. He confirmed his involvement in a group of buyers:

“You're right, I am part of a group, but there's multiple syndicates trying to buy it, and we're all aware of the clock ticking.”

O’Leary also noted that this is now the “second 75-day extension” and speculated that a third one is unlikely. According to the Shark Tank star, the urgency is mounting due to potential legal consequences.

“I speculate that there will not be a third, because I think there's going to be some ambitious attorneys general in some state somewhere that's going to say, 'enough, can't keep extending this, I'm going to sue for the penalty,' which is $5,000 per day times $172 million,” he said.

He warned that no S&P 500 company could endure such costs. O’Leary explained that any deal to purchase TikTok is complicated by geopolitical considerations. He claimed that the company has a golden share. This means the Chinese government can control certain key decisions.

He said this is why they're waiting for one man—the head of the Chinese Communist Party—to decide the outcome. He pointed to the golden share as a major barrier to moving forward. Additionally, he mentioned that using TikTok’s existing algorithm might not be possible. According to O’Leary,

“All ideas regarding using the algorithm were shut down three weeks ago by Senator Cotton, who said there will never be an indemnification from the US government if you want to lease the algorithm, because they'll impose the $5,000 charge per customer per day.”

The Shark Tank star said that the only viable path forward would be to rewrite the algorithm, depending on whether the Chinese government is willing to sell the platform’s assets without it. O’Leary also confirmed, “Frank McCourt and I have been working on this so long.” He reiterated the seriousness of their attempt to take over TikTok through legal and political means.

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Potential TikTok buyers and consequences of a failed deal

Alongside Shark Tank star Kevin O’Leary and Frank McCourt, other major figures are pursuing TikTok. Alexis Ohanian has joined McCourt’s group, while MrBeast also expressed interest.

Companies like Microsoft, Blackstone, Andreessen Horowitz, Perplexity AI, and Amazon are reportedly in the running. OnlyFans founder Tim Stokely made an offer through Zoop.

Trump confirmed on Air Force One that multiple investors are nearing a deal. If none is reached by June 2025, TikTok may face another U.S. ban. Shark Tank's O’Leary warned in a recent interview, “That’s $800 billion a year in fines.”

Previously, the app was pulled from stores until Trump’s extension. If banned again, users may switch to Instagram Reels, YouTube Shorts, Twitch, or Xiaohongshu.

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Shark Tank airs every Friday on ABC at 8 pm EST.