All right, joining us now, O'Leary Ventures Chairman Kevin O'Leary.
This is an interesting deal.
OK. Biden says no to China's deal.
Was that the right call?
Yeah, it is actually. We don't need that much government
oversight in the new Tiktok USA.
Facebook operates successfully in the US LinkedIn,
you know, there's we already have the rules necessary.
We just need to apply them.
In the case of rewriting the algorithm for Tiktok.
I find this an extraordinary deal.
It's a legacy deal. It's definitely what I want to
do.
And I think the opportunity is huge.
However, you got to think about this will be the
first deal of its kind where you're going to need
the pen of the president,
whoever the president is, to sign it sometime in February,
March, when you close this,
now this, the company is suing the American people.
That's what's really going on when you sue Congress.
I don't think that's going to be successful even at
the Supreme Court.
And that's why those of us interested in buying it
are starting the process now.
I've set up
wondertiktok.com if you're interested in participating,
'cause I want to do crowdfunding for all the millions
of Americans that want to be part of this.
But that won't be the majority of the money.
It's going to come from sovereign wealth.
Can we talk a little bit though,
how the crowdfunding would work?
If they contribute? Do they are they getting shares?
They would, but they all they give now is an
indication of interest.
That's all I can do 'cause there's no deal.
I have nothing to sell them,
known as anybody else. There's no deal because Tiktok is
suing the American people.
That's got to go through the process.
Then the only person that matters after that process will
be the supreme leader of China.
Does he want to sell it or not?
If he doesn't sell it and he turns it off
as it happened in India,
then the cost of capital for him for everything else
will go up because people will think I'll put money
into a deal and then he'll just turn it off
when he has a bad hair day.
We are like 1000 miles away from capitalism at this
point,
are we not? I mean,
you got to get the president to sign off.
You're you're negotiating with China's communist dictator.
Capitalism is gone in this space,
Kevin, right. That's why I love it.
You love capitalism. I love capitalism and I want to
support Americanizing TikTok.
I want to make TikTok wonderful again.
That's exactly what's going to happen if I do this
deal.
The point is, it's so complicated.
It's so difficult. I've been a narrative all up and
down the hill with people.
I've talked to both candidates,
or at least their people in the case of Biden's,
and I've talked to Trump directly about this.
You're going to need their support to do it,
so you might as well talk to them now.
That's the way I look at it.
I want to talk about crypto with you.
So we had you on a few months ago and
you nailed it.
You said that we're going to have a lot of
consolidation and bitcoins bought ETFs because there's no differentiating factor.
So if you have a higher fee,
you're going to go away and it'll be a race
to the bottom for fees.
We're starting to see that.
I think BlackRock just overtook Grayscale for assets under management.
How do you see that playing out?
And then do we get an Ether ETF soon?
Well, you're, you're well versed in,
in the product here because I come out of the
indexing business that creates
ETF's. And right now high fees would be 38 basis
points.
Some are down to 15 bits,
but we are getting an ETH.
And the one thing I would say about this is
Gensler has held a consistent message to the market for
years now.
Lots of people in the crypto world,
the crypto Cowboys particularly, they're all in jail now.
Another one just went this week.
He has cleaned this thing up
and I respect him for the fact that he has
never varied.
So now we have consistency and we're going into a
new phase of crypto that allows for integration into financial
services.
I'm very excited about it.
Two countries have cleaned themselves up already.
Canada has done it with a with Wonderfi,
which is the largest 1.6 million subscribers on their platform
and M2 in the United Arab Emirates.
They're clean too, But does sending
someone in this space to jail,
does that legitimize the business?
What it does is it cleans up the rogue operators
and sends a message going forward,
you have to be compliant.
Now, I think these sentences were brutal,
given that these were The Pioneers of the industry,
and hopefully an appeal, they'll be reduced.
But the message is clear,
if you're not compliant, you're going to the slammer fly
or else.
Can I ask you about this goals dysmorphia issue we're
experiencing in society?
You've got a lot of Americans feeling they'll never be
financially successful anymore.
Kevin.
Part of the problem with that is the constant bombardment
of social media that gives up,
in some cases, very negative messages.
the United States of America and its economy over 200
years old has consistently delivered success for every generation.
Or it had pauses of up to 10 years.
But if you just take somewhere around
15% of your income on an average salary of
$62,000, put it aside and invest it in the American
economy through just an index,
when you retire, you'll be a millionaire.
Yeah, that's the promise of America.
So don't let what you need is diversification,
but don't let people tell you you can't participate in
the success of the United States of America.
There's a reason everybody on earth wants to come here.
There's a reason that's it.
Make capitalism wonderful again. I think that's the message.
All right, great stuff, Kevin.
Thanks for being with us.