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.

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.