Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Kevin O’Leary’s TikTok Bid – Privacy and Innovation
Privacy | Jan 7, 2025
Image from Kevin O'Leary's crowdfunding campaign
Kevin O'Leary Wants to Buy TokTok to Protect Privacy and National Security
In 2024, President Biden signed a law that mandates Chinese-owned apps operating in the U.S. posing security risks to be either sold to American entities or be removed from app stores. The law is expected to hold up in Supreme Court so several groups are making high profile bids to acquire the U.S. assets from TikTok's Chinese parent company, ByteDance, including Shark Tank's Kevin O'leary (and partner Frank McCourt), former Activision CEO Bobby Kotick and various investment syndicates all keen to capitalize on TikTok's massive user base and engagement. O'Leary and McCourt's bid is being called the 'people's bid' and they even setup a sold out investment crowdfunding campaign of 'expression of interest' on Start Engine that launched when it became clear that TikTok U.S. would be sold off.
More Than Ownership
O'Leary says the acquisition is about the 'mission' to protect the privacy of 170 million American users and to focus the platform on people instead of algorithms. He also highlighted the role of the inbound Trump administration signaling that President-elect Trump could expedite the regulatory approvals to ensure the platform is transitioned to American ownership to address national security concerns, politicizing the deal.
See: TikTok Finance: Lessons from Viral Chase Bank ‘Glitch’
Kevin O'leary tweeted on 'X':
"This isn’t just about buying TikTok’s U.S. assets. It’s about something much bigger: protecting the privacy of 170 million American users. It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms."
TikTok as a Financial Hub
Fintech influencers called 'finfluencers' in social media circles have established TikTok as a hotspot for short videos that simplify complex topics like investing, budgeting and financial literacy, especially among young audiences. Hashtags like #finance are drawing billions of views with strong demand for financial education indicating TikTok's a space where fintech companies could thrive with millions of engaged users presenting an opportunity to integrate financial services into a social platform for new generations. The experience could also include secure payment systems and tools to support creators in managing their oodles of cash.
The Privacy Factor
Although the economic potential of TikTok is significant, O'Leary's bit is positioned around protecting privacy and potential misuse of personal data. O'Leary is partnering with Frank McCourt Founder of Project Liberty (see press release with more details) with plans to implement open-source technologies into TikTok's platform (given that any takeover bid would exclude the proprietary algorithm it uses today) so users can control their own digital identities, establishing a new standard for privacy in social media.
See: US Financial Surveillance Report Shows Privacy in Crisis
Frank McCourt, Founder Project Liberty:
"It's clear that our visions for a people-centered, American-owned platform are closely aligned, and our combined efforts will give a significant boost to The People's Bid as the January 19 deadline for a sale of TikTok quickly approaches. Kevin and I, along with the thousands of supporters who have come forward to back The People's Bid, firmly believe we can build a better TikTok – one that protects our national security and becomes a safe, secure platform that millions of people on the app will trust. We look forward to working with President-elect Trump to save TikTok."
Not Without Challenges (of course)
The 'people's bid' would have to rebuild TikTok's 'addictive' algorithm that makes it so successful, which wouldn't be part of the sale, and could pose some development challenge at the risk of losing user engagement. Also the deal needs regulatory adornment from both the U.S. and Chinese governments.
See: Fintech Trends & Predictions Across Generations in 2025
Outlook
As Jan 19 quickly approaches and despite these challenges, imagine a TikTok with integrated financial tools that could katipult the company to the forefront of fintech innovation and leadership while focusing on users that prioritize privacy, personal data ownership, and ethical data practices. One to watch.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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