Transcription
0 billion bid to keep it here in the U.S. Kevin O'Leary is in Miami joining us now live. Kevin, let me get to it. What conversations have you had in the last hour that move the ball closer or further to the TikTok lifesaver line?
>> Most important thing that happened, Liz, in the last couple of hours is the opinion letter from the justices that cleared up a few unknowns. And this is very important for the market to know. On pages 5 and 6 of the opinion, it's very clear that the idea of using the Chinese algorithm going forward, that opportunity is gone. The idea of forking the code, as it's called, and there was a rumor yesterday that would be an option for buyers. It isn't.
So this is what makes Frank so valuable in this deal now. He spent years and millions of dollars preparing a tech stack to replace that algorithm with something you, as the user, have control over your own data, and you can share in revenues also. It also provides interoperability with other social media. It's what we've been missing in the whole social media landscape. If that was an option two hours ago, now it's a need, it's a must.
So Frank has that piece. I have the ear of 6 million plus businesses on TikTok. I do not want this shut off, not for one second. Not for one second. So we have a very complicated dance occurring here between the Biden administration and the Trump administration. We'll serve them both in the next 48 hours, and we understand that, and they both know that our bid is out there. Every shareholder knows it, the company knows it. If they sign that LOI, we'll get that 90-day stay of execution. That's what's important.
LIZ: Doesn't this all depend on an organization that nobody here controls, and that's ByteDance, the parent of TikTok in China? And maybe they want -- I was thinking about this. Maybe they want to shut it down so that they divide this country even more. They make, you know, business owners angry at the Biden administration and the Trump administration, because it's really now in the Trump administration's hands.
>> Yeah. Well, that was tried in India, 210 million in 2020, and there was a kerfuffle for about four days, and then all the users went to other platforms. That's not a good outcome for ByteDance shareholders, and a lot of those shareholders are American institutions. Let's say roughly that it's worth $20 billion. Why give that up? Why not give it to the shareholders that already exist?
And also, I think there's probably between Trump and Xi some kind of negotiation going on here. We don't know what because we know that conversation occurred. And TikTok's a small part of it. We know that Donald Trump's a dealmaker, that's for sure. I've talked to him about this. I know with certainty he does not want to see it shut down if possible. But it's now back to Xi. He's got to decide, is he going to let this company sell elements of itself, including TikTok USA, but not the algorithm, to someone who can buy it and sign that LOI so we get the 90-day stay? The worst thing to happen is to have it go dark for even one hour.
LIZ: Okay. And let's explain why, because some people don't understand TikTok. Washington Post had an article that indicated that TikTok added to ByteDance, by the way, but added $24.2 billion to the U.S. economy in 2023, the most recent numbers, and $14.7 billion in revenue for small businesses. I've profiled businesses that began on TikTok. And burgeoned. And these are people who had no job during the pandemic, and today had to find a way to make some money, and now they're making seven figures.
>> It's very important it stays alive. You know that. Those are all my people. 62% of jobs created in America are companies 5-500, practically all of them use TikTok for customer acquisition. This is bad for the U.S. if this happens. It's bad for China's relationship with the U.S. All they have to do is abide by what has been put forward by the justices. They made it very clear in this.
And, by the way, Liz, 9-0 Supreme Court decision. That's definitive. They basically made a decision here, and we all have to abide by it. But it doesn't have to shut down, and Frank and I want to go forward here. We want to be part of the solution. We're going to work with anybody. Remember, these businesses are Democrat and Republican businesses. We're agnostic to politics here. We want to save this for everybody's benefit, and we have a path to do so.
LIZ: Part of the criticism was the algorithm, that the algorithm has been tweaked to, again, divide Americans, become a wedge in certain political issues whether it was October 7th or the election. Anything else. And also feeding Americans a bunch of drivel which, by the way, if app in China -- the app in China does not do that. You say that you've got the edge here because you guys don't want the algorithm. You're not even putting in the bid for that. And so maybe that's something that TikTok would agree to?
>> Maybe, because right now we know with certainty as the justices' opinions right there at the bottom of page 5, can't use it and don't want it, and they're very clear, 9-0. I mean, I haven't seen a more definitive decision. And it was debated for a long time, but it's definitive now. Listen, we don't have to divide America. We can unite America. That's what Frank and I want to do.
Then we're going to get on a plane and go to India, Switzerland, France, Germany, Canada. This is a whole change to the environment of social media.
LIZ: Wait, hold up. Are you saying that if you get it, you're going to put that form of it here in the U.S. in front of India?
>> Everywhere. Everywhere that's a friendly nation that, obviously --
LIZ: Is concerned.
>> -- in cooperation with the regulator here in -- do you think the Canadians are going to leave it on the minute it gets shut down here? No. They're going to abide by and listen to what the Supreme Court said about this.
And after we do that, just the way we look at it and why I'm so excited about this is a legacy deal for Frank and I. This'll become the world's largest television network that supports free speech and democracy all around the world. Finish and the users own their own data. Now, that's a vision.
LIZ: Yeah. And you want world domination not just with TikTok, but Mr. Watch. You have this watch collection. I heard you just bid on the watch that's on our screen. I mean, have you showed this off at all, for $22,000 for charity.
>> Nobody has -- it's for charity.
>> 222,000, this guy in Singapore, he just would not stop. He would not stop. But he was messing with Mr. Wonderful. That's important to know. At the end of the day, here it is -- [laughter] it's called the Boyfriendmenting of it's from Chanel. It's got a electric Areinstein -- Liechtenstein.
LIZ: Hold it up higher. Oh, my God. Looks like Roy Liechtenstein.
>> It does, believe me. Amongst watch collectors around the world, grown men are weeping about this piece. This is absolute madness. [laughter] I'm so excited, and I'm happy it went for charity, but there's only one owner, there's only one watch, and it's me, and it's Mr. Wonderful, and I deserve it because I look fabulous in it. [laughter]
LIZ: Well, okay, you only have two wrists, so I'll take the Rolex with the puzzle pieces, the jigsaw --
>> You want the --
LIZ: I'll store that for you. [laughter]
>> I'm so excited. You know, this is the first time debuting this, and my wife saw it and went out of her mind. She said, is that for me? I said, no, it's not, it's for me. [laughter]
LIZ: Kevin, thank you. Listen, we want to hear from you next week about what's happening, even over the weekend reach out to me because I'm dying to know.
>> Yeah. We're really excited, Liz. I think the probability of a deal happening is probably 60%.