Businessman and “Shark Tank” investor Kevin O’Leary said on Monday that he’s close to striking a deal to purchase the social media app TikTok before its impending ban in America on January 19.

The entrepreneur, also known as “Mr. Wonderful,” expressed his intentions to purchase the app during a recent interview on Fox News’ “The Story with Martha MacCallum,” saying that he’s partnered with former Los Angeles Dodgers owner Frank McCourt of the non-profit group Project Liberty to purchase the American assets of the Communist China-based company. He said he also met with President-elect Trump.

“This is a very complicated deal. It’s a multi-billion dollar deal. We are going to have to work with President Trump,” he said. “Trump will be who we have to work with to close the deal in the months ahead. So I wanted to let him know, as well as others in his cabinet, that we’re doing this, and we’re going to need their help.”

In a more formal announcement on X, Mr. O’Leary expressed that he was “excited” for the opportunity and that the purchase would be essential to stop a pending federal ban that President Biden signed last April.

“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,” the entrepreneur wrote.

“TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact. Together, we’re working to create an American-owned platform that is secure, innovative, and puts YOU in control of your data and digital relationships.”

The Chinese-based Bytedance owns TikTok and has been the center of concern for federal officials, who believe that the app is being used as a way to conduct surveillance on American citizens.

The “Protecting Americans From Foreign Adversary Controlled Applications Act,” passed by Congress and signed into law by the President, states that the social media app could be banned due to concerns of National Security if their parent company, the China-based ByteDance, does not divest its ownership from the American version of the app within nine months after the new law takes effect on January 19.

TikTok is central to the marketing efforts of American businesses that want to reach young people. However, members of Congress argue that it’s too dangerous to give a Chinese company access to so much data about Americans and to have so much access to American eyeballs. 

ByteDance has contested the new law. In a petition to the Supreme Court, attorneys argued that “Congress’s unprecedented attempt to single out applicants and bar them from operating one of the most significant speech platforms in this Nation presents grave constitutional problems that this Court likely will not allow to stand.”