O'Leary is teaming up with billionaire Frank McCourt to make a play for the app, which faces a nationwide-looking U.S. ban.

With TikTok facing a potential U.S. ban, investor Kevin O’Leary has announced plans to purchase the popular social media platform. O’Leary, known for his role on Shark Tank, has teamed up with billionaire Frank McCourt to lead a bid to save TikTok from being shut down in the U.

Shark Tank’s Kevin O’Leary — a.k.a. “Mr. Wonderful”—said he’s nearing a deal to buy TikTok from its Chinese-owned parent company ByteDance to avoid the U.S. ban on the social media app.

O'Leary, often referred to as "Mr. Wonderful" on Shark Tank, received many excited replies on social media. "I lend you $50b, and for every TikTok video, I take 10% of the revenue, in perpetuity" - Mr Wonderful," wrote one fan, mimicking the mogul's deal-making style from the show. "You're one person I trust. All The best!" wrote another fan.

‘Shark Tank’ investor Kevin O’Leary is hoping to buy TikTok from ByteDance. The potential acquisition comes at a crucial time for the platform, which has over 170 million users in the United States alone.

Kevin O'Leary, star of Shark Tank, is close to securing a deal to buy TikTok's U.S. business to prevent the app from being banned. He announced the move on Fox News and revealed plans to partner with former Dodgers owner Frank McCourt.

The app’s availability in the U.S. has been thrown into jeopardy over data privacy and national security concerns.