Kevin O’Leary announces working to close a deal to buy TikTok; Merging Canadian currencies

In early January 2025, Canadian businessman and television personality Kevin O’Leary made two significant announcements during a media appearance. First, he revealed that he was actively working to close a deal to buy TikTok in order to prevent the platform from being banned in the United States. Second, he disclosed that he had spoken with President-elect Donald Trump at Mar-a-Lago about forming a North American union between the United States and Canada, including the possibility of merging the two countries’ currencies. CNN commentator Scott Jennings also weighed in on the topic of Trump’s Cabinet picks, arguing that the election results proved Americans wanted “non-traditional” governance.

O’Leary’s Bid to Buy TikTok

O’Leary announced that he was working to assemble a deal to purchase TikTok, the Chinese-owned social media platform that faced a potential ban in the United States under legislation requiring its parent company, ByteDance, to divest its American operations.

Speaking about the deal, O’Leary explained that he had briefed the incoming Trump administration on his efforts. “I wanted to let him know, as well as others in his Cabinet, that we’re doing this, and we’re gonna need their help,” O’Leary said, referring to a conversation with Trump.

The TikTok acquisition effort was driven by the January 19, 2025, deadline imposed by the Protecting Americans from Foreign Adversary Controlled Applications Act, which Congress had passed and President Biden had signed into law. The legislation required ByteDance to sell TikTok’s U.S. operations to a non-Chinese buyer or face a nationwide ban. With over 170 million American users, the stakes were enormous, and several parties were reportedly exploring acquisition bids.

O’Leary indicated that Trump, who would take office on January 20, would be a critical partner in any deal. “Trump will be who we have to work with to close the deal in the months ahead,” O’Leary stated, noting that the midday timing of the inauguration on January 20 meant the new administration would immediately become the relevant authority for any transaction.

The specifics of O’Leary’s consortium and the financial terms of any potential deal were not disclosed during the appearance, though he signaled that the effort was serious and that he intended to keep the incoming administration closely involved throughout the process.

A North American Union: O’Leary’s Conversation with Trump

In what O’Leary described as a two-topic conversation with Trump at Mar-a-Lago, the second subject was even more ambitious than the TikTok bid. O’Leary revealed that he had proposed to Trump the concept of integrating Canada and the United States into a closer economic and political union.

“Number one was integrating Canada towards a North American union for greater strength, just period,” O’Leary said. “The world’s a difficult place these days. And most Canadians would like to look at that opportunity without giving up their sovereignty.”

O’Leary identified specific areas where integration could begin. “Low-hanging fruit would be combined currency, for example, combining the Bank of Canada with the Fed,” he said. “Things like that. We are the largest trading partners.”

The proposal came at a time when U.S.-Canada relations were under unusual strain. Trump had repeatedly floated the idea of making Canada the 51st state, and tariff threats from the incoming administration had created anxiety north of the border. O’Leary’s proposal represented an attempt to channel that tension into a constructive economic framework rather than an adversarial trade relationship.

O’Leary’s Advice on Trudeau: “A Complete Waste of Time”

O’Leary also disclosed that he had offered Trump direct advice about dealing with the outgoing Canadian government. He told Trump that engaging with Trudeau was pointless given the Prime Minister’s impending political demise.

“These meetings you’re having with Trudeau and finance ministers from Canada, with all due respect, sir, a complete waste of time,” O’Leary recounted telling Trump. “This guy’s gonna get eradicated out of the Canadian political landscape.”

O’Leary urged patience, suggesting that Trump wait for Canadians to elect new leadership. “Give the Canadians a chance to reelect a leader just like you got reelected that has a four-year mandate just like you have. And let’s get down to business,” he said. “And I hope they didn’t land on deaf ears. I think he saw the rationale in that.”

The advice proved prescient, as Trudeau announced his intention to resign as party leader and Prime Minister that same day, January 6, 2025, confirming the political reality that O’Leary had described to Trump during their Saturday meeting at Mar-a-Lago.

Jennings: Trump Deserves His Cabinet

CNN commentator Scott Jennings offered his assessment of Trump’s Cabinet nominations, taking a pragmatic view that aligned with the incoming president’s approach.

“I think the president deserves to get his Cabinet. I would vote for the president’s Cabinet,” Jennings said. “And I think they all deserve a chance to serve. I do think they are non-traditional picks, but to be honest, I’m interpreting the election results as the American people want some non-traditional shakeup of government. And that’s what Trump is trying to deliver.”

Jennings acknowledged that some Republican senators might reach different conclusions about individual nominees but framed the broader question as one of deference to the electoral mandate. His comments came during a period when several of Trump’s nominees were facing scrutiny and potential opposition from members of his own party.

The TikTok Ban Timeline and Context

The potential TikTok ban had become one of the most prominent technology policy issues heading into 2025. The legislation requiring ByteDance’s divestiture had been passed with broad bipartisan support, reflecting concerns about Chinese government access to American user data and the platform’s potential use as a tool for foreign influence.

Multiple parties had expressed interest in acquiring TikTok’s U.S. operations, with the platform’s valuation estimated in the tens of billions of dollars. The complexity of any deal was compounded by questions about whether the recommendation algorithm, which was central to TikTok’s appeal, would be included in any sale, as Chinese export control laws could potentially block the transfer of such technology.

O’Leary’s announcement placed him among the most publicly visible bidders and signaled that the incoming Trump administration might play an active role in shaping the outcome of any sale rather than simply allowing the ban to take effect.

Additional Context

O’Leary’s dual proposals reflected his unique position as a Canadian-born businessman with deep connections in American media and politics through his role on ABC’s “Shark Tank.” His ability to meet directly with Trump at Mar-a-Lago and discuss matters of bilateral significance spoke to the informal channels of influence that characterized the transition period between the Biden and Trump administrations.

The currency merger proposal, while ambitious, touched on longstanding economic discussions about the benefits and drawbacks of North American monetary integration. Canada’s economy is deeply integrated with that of the United States, with bilateral trade exceeding $700 billion annually, making the two countries each other’s largest trading partners.

Key Takeaways

• Kevin O’Leary announced he was actively working to buy TikTok, telling the incoming Trump administration, “We’re doing this, and we’re gonna need their help.”
• O’Leary proposed a North American union to Trump at Mar-a-Lago, suggesting “low-hanging fruit” like merging the Canadian dollar with the U.S. dollar and combining the Bank of Canada with the Federal Reserve.
• O’Leary advised Trump that meeting with Trudeau was “a complete waste of time” and urged him to wait for Canadians to elect new leadership.
• CNN’s Scott Jennings argued that Trump’s non-traditional Cabinet picks reflected the American people’s desire for a “non-traditional shakeup of government.”
• The TikTok acquisition effort was driven by the January 19, 2025, deadline for ByteDance to divest its U.S. operations or face a ban affecting over 170 million American users.