Kevin O'Leary, an investor and renowned personality from "Shark Tank," reveals plans to form a consortium aiming to acquire TikTok, with an initial bid ranging between $20 billion to $30 billion, merely a fraction of its previous valuation.
O'Leary attributes this reduced offer to the probable exclusion of the pivotal algorithms responsible for the app's success from the deal, necessitating their recreation using American coding standards. Additionally, former U.S. Treasury Secretary Steven Mnuchin may join the bid for what O'Leary describes as "the largest entertainment and business network in America."
In response to concerns about TikTok's ownership, the U.S. House of Representatives recently passed a motion to compel ByteDance, the Chinese parent company, to divest its stake in the platform.
The acquisition process would require approval from the White House, given its significant national security implications, as reported by CNBC.
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