Billionaire businessman and real estate mogul Frank McCourt says he is forming a consortium to buy TikTok’s U.S. operations, forcing TikTok’s China-based parent company to sell the popular platform. Well, it’s prohibited.
In an announcement Wednesday, the former owner of the Los Angeles Dodgers said he had consulted with investment bank Guggenheim Securities to develop the bid “with the goal of putting talent and data empowerment at the center of the platform’s design and purpose.” Ta.
If the sale goes through, McCourt said he plans to rebuild TikTok and move the platform to a more transparent open source protocol, giving people more power “over their digital identities and data.” .
Other investors, including former Treasury Secretary Steven Mnuchin, have also expressed interest in buying TikTok.
However, parent company ByteDance has already said it has no plans to sell the platform.
It is also unlikely that the Chinese government will approve the sale. In particular, sales that include recommendation engines that enhance the videos that appear in users’ feeds are not permitted.
ByteDance and TikTok filed suit against the U.S. government last week to block enforcement of the law.
On Tuesday, eight TikTok creators filed a challenge, arguing that the law violates their First Amendment right to free speech.
The company is also fighting a legal battle in Montana to block a state law banning the video-sharing platform.
on tuesday, tick tockMontana users and the state have agreed to put a lawsuit challenging the constitutionality of Montana’s first-in-the-nation ban pending a ruling in the federal case.
Montana law is temporarily blocked If TikTok is acquired by a company not based in a country designated as a foreign enemy before it goes into effect on January 1, the program will be null and void.
According to Forbes, McCourt is worth $1.4 billion. He sold the Dodgers to Guggenheim Baseball Management in 2012 for $2 billion.
In 2016 he Acquired French soccer club Marseille.
