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Billionaire Frank McCourt is assembling a consortium of investors. Buy TikTok The social media platform was sold from its China-based parent company ByteDance because it could be banned in the US due to national security concerns if it were not sold.
McCourt, executive chairman of McCourt Global and founder of Project Liberty, is organizing a “people’s bid” for Project Liberty to acquire TikTok, with the aim of bringing people and data empowerment to the forefront of the world. It was announced that it was intended to be installed. Video app design and purpose. Project Liberty is working with Guggenheim Securities, the law firm Kirkland & Ellis, and engineers and academics on the bid.
The group aims to “put control and value back into the hands of individuals and give Americans meaningful voice, choice, and rights in the future of the web.” They are proposing to migrate TikTok to a digital open source platform.
“We can and must do more to protect the health and well-being of our children, families, democracy, and society,” McCourt said in a statement. “We see this potential acquisition as a great opportunity to catalyze an alternative to the current technology model that has colonized the Internet.”
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Frank McCourt, founder of Project Liberty & McCourt Global, is organizing a group to consider acquiring TikTok from its China-based parent company ByteDance. (Lukas Schulze/Sportsfile for Web Summit via Getty Images / Getty Images)
“By bringing together leading academics, technologists, behavioral scientists, psychologists, and economic experts with community partners, parents, and the public, we are creating a new TikTok experience by providing value and control to individuals and creators on the platform. “We believe we can maintain and improve our understanding of who has access to data and how it is used,” he added.
The acquisition push comes after President Biden signed bipartisan legislation last month that mandated the use of TikTok. Sold from ByteDance If it doesn’t do so by mid-January, it will be banned in the US due to national security and data privacy concerns.
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Congress has approved a bipartisan bill mandating the divestment or banning of TikTok. (Photo credit: Celal Gunes/Anadolu, Getty Images/Getty Images)
tick tock filed a lawsuit ByteDance has indicated it has no intention of selling its social media platform to a US owner.
of Chinese government It indicated there are no plans to allow ByteDance to sell TikTok to its U.S. owners so it can continue operating it. “The Chinese government has made it clear that it will not allow the sale of its recommendation engine, which is key to TikTok’s success in the United States,” TikTok’s lawsuit states.
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TikTok CEO Shou Chew has vowed to fight legislation that would require TikTok to be divested from ByteDance or banned. (Chip Somodevilla/Getty Images/Getty Images)
“Like the United States, China restricts the export of certain technologies of its own origin. China’s export regulations restrict ‘information processing technologies’ such as ‘personal interactive data algorithms.'” China’s state-run news agency Under these rules, ByteDance’s Chinese subsidiary would need a government license to sell recommendation algorithms developed by engineers employed by its subsidiary, including for TikTok, the company said in its report.
Several other would-be investors have expressed interest in making a bid for TikTok’s U.S. operations, despite opposition from the Chinese government and uncertainty about whether the Chinese government and ByteDance will consider a formal deal. ing. acquisition proposal.
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Former Treasury Secretary Steven Mnuchinand Kevin O’Leary, star of the television show “Shark Tank,” said he was also interested in forming a group to bid to acquire TikTok.
Reuters contributed to this report.
