Kevin O'Leary, a Canadian investor and entrepreneur, has expressed continued interest in acquiring TikTok, but legal challenges stemming from President Trump's executive order pose significant hurdles. O'Leary advocates for a 50/50 joint venture with American ownership, but he acknowledges that current laws do not permit such an arrangement. Legal experts concur that the executive order's inconsistencies with the Supreme Court's ruling raise legal questions and could potentially face court challenges.
Canadian investor Kevin O'Leary remains interested in acquiring TikTok, but he believes current laws make a deal unlikely. O'Leary expressed his enthusiasm for a potential 50/50 joint venture with American ownership, as proposed by President Donald Trump , stating, 'That 50/50 deal, I would love to work with Trump on, so would every other potential buyer ... But the problem with some of these ideas is they are inconsistent with the ruling of the Supreme Court.
' O'Leary's comments come amidst Trump's extended deadline for a potential ban on TikTok. The President recently granted a 75-day reprieve, allowing for further negotiations regarding the platform's future. \While O'Leary acknowledges the appeal of the proposed joint venture, he emphasizes the legal complexities. He pointed out that the current executive order does not provide for such options, stating, 'What we need is not really a 75 day extension. What we need is to go back and ask congress to open the order and provide for these new options, because they're not provided for right now.' He further clarified, 'I would love to do a deal, if the law provided for it, but I don't have the luxury of breaching the order of the Congress.' \Legal experts have corroborated O'Leary's concerns, highlighting the ambiguity surrounding the legal status of TikTok and the potential challenges posed by Trump's executive order. Carl Tobias, a law professor at the University of Richmond, stated, 'The Order does not appear to comply with the statute. Congress carefully included certain dates and procedures in the law, which SCOTUS found to be constitutional.' He added that a federal court could potentially invalidate the executive order for its inconsistency with the law. Sarah Kreps, director of the Tech Policy Institute at Cornell University, echoed similar sentiments, emphasizing the executive order's deviation from the Supreme Court's decision and its lack of clarity regarding a qualified divestiture. \Despite the legal uncertainties, O'Leary remains optimistic about a potential deal. He believes the value proposition lies in acquiring TikTok's strong domestic brand and user base. Although ByteDance, TikTok's parent company, has faced pressure from the U.S. government, it has recently expressed openness to a deal that would allow American companies to gain ownership of the platform. This development could potentially pave the way for a resolution that satisfies both U.S. national security concerns and ByteDance's interests. The ultimate outcome, however, remains contingent upon negotiations between Trump and Chinese President Xi Jinping
Business TIKTOK KEVIN O'leary DONALD TRUMP NATIONAL SECURITY JOINT VENTURE LEGAL CHALLENGES EXECUTIVE ORDER BYTE DANCE CHINA SALE ACQUISITION
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