The "Shark Tank" investor said on Tuesday that he set up a crowdfunding website to gauge interest in collectively buying the social media platform. The site allows anyone to "reserve" spots to become investors in the potential US version of TikTok. It's not accepting any payments yet, and reservations are only a way to indicate interest.
If the crowdfunding campaign kicks off, it would be subject to US rules that limit investors to people who earn over $200,000 or have specific finance qualifications.
The announcement follows a decision by US lawmakers last month to ban Chinese-owned TikTok from US app stores unless it is sold in less than a year. TikTok's parent company ByteDance, sued the federal government over the ban earlier this month. TikTok has already said it has no plans to sell the platform.
The new website, however, did not share details of how much money he plans to raise or whether his project is already in talks with TikTok.
Representatives for O'Leary did not immediately respond to Business Insider's request for comment.
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