A consortium led by billionaire Frank McCourt, former owner of the Los Angeles Dodgers, has submitted a formal bid to acquire TikTok's U.S. operations.
This initiative arises as the popular social media platform faces a potential nationwide ban due to data security concerns linked to its Chinese parent company, ByteDance.
The acquisition is part of McCourt's Project Liberty, aimed at creating a fairer digital ecosystem by empowering users with control over their data.
McCourt emphasized the need to keep TikTok accessible to millions of Americans while addressing privacy and algorithmic transparency. He stated, 'We've put forward a proposal to ByteDance to realize Project Liberty's vision for a reimagined TikTok -- one built on an American-made tech stack that puts people first.'
Project Liberty aims to tackle data security issues and ensure the platform operates independently of its controversial current algorithm.
While the exact value of the bid remains undisclosed, the consortium asserts its capability to complete the complex transaction. The initiative has garnered support from TikTok creators and engaged a network of legal and financial advisers to facilitate the deal.
Notably, 'Shark Tank' investor Kevin O'Leary has joined the consortium and confirmed discussions with President-elect Donald Trump regarding the acquisition.
As TikTok's future hangs in the balance, McCourt's consortium expresses optimism about preserving the app's cultural impact while ensuring a safer and more transparent platform for American users.