A group formed by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok from its China-based parent company, ByteDance.

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.

Kevin O’Leary, one of the venture capitalist “sharks” from the reality television show, said Monday that he had joined a group known as the People’s Bid for TikTok that has been putting together a bid for TikTok’s U.S. business. The effort is being spearheaded by billionaire Frank McCourt, who sold the Dodgers in 2012.

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.