Billionaire businessman and real estate mogul Frank McCourt announced Tuesday that his organization, Project Liberty, is building a consortium to buy TikTok’s U.S. operations.
McCourt is working with investment bank Guggenheim Securities to organize a bid “aimed at putting the power of talent and data at the heart of the platform’s design and purpose” for Project Liberty. announced on tuesday.
TikTok Inc. Chief Executive Officer Shou Zi Chew speaks at the Bloomberg New Economy Forum in Singapore on Wednesday, November 16, 2022. Photographer: Bryan van der Beek/Bloomberg via Getty Images
TikTok influencer film video (MIGUEL MEDINA /Getty)
Additionally, the former Los Angeles Dodgers owner is consulting with law firm Kirkland & Ellis, as well as “world-renowned engineers, academics, community leaders, parents, and passionate citizens.”
If the sale is successful, McCourt said he would “rebuild” TikTok’s platform and give U.S. users “a greater sense of agency over their digital identities and data by proposing to migrate the platform to a new digital open source protocol.” It is a plan that will make it possible to “take back the damage.”
“The foundation of our digital infrastructure is broken, and it’s time to fix it,” McCourt said. “We can and must do more to protect the health and well-being of our children, families, democracy, and society.”
“We see this potential acquisition as a great opportunity to catalyze an alternative to the current technology model that has colonized the internet,” the billionaire added.
McCourt said the U.S. has “long driven breakthrough innovation globally. Anyone interested in taking data back from Big Tech should engage with us and help shape the future of the internet for people.” We encourage you to take a step forward to redefine the… ”
As reported by Breitbart News, other potential candidates include former Treasury Secretary Steven Mnuchin, who is also an investor in acquiring TikTok from its parent company, Chinese tech giant ByteDance. They have expressed interest in establishing a group. Former Activision CEO Bobby Kotick also revealed that the OpenAI CEO is pitching to potential investors, including Sam Altman.
But last week, TikTok and ByteDance filed a lawsuit challenging the US sales ban recently signed by President Joe Biden, which would require Chinese companies to sell their apps in the US or face a ban. A grace period of one month has been given.
It also suggests that Chinese companies cannot sell the app even if they want to, indicating that they are beholden to the Chinese Communist Party (CCP). “In reality, we don’t have a choice,” they said.
Notably, this revelation essentially turns the US government’s case against itself regarding national security concerns.
TikTok and ByteDance said, “The Chinese government has made clear that it will not allow the sale of its recommendation engine, which is key to TikTok’s success in the United States.”
“China’s export control regulations cover ‘information processing technologies’ such as ‘personal interactive data algorithms,'” the foreign company added.
As reported by Breitbart News, the divestment or ban bill is widely considered a national security threat by Republican and Democratic lawmakers in the United States, as TikTok’s parent company is controlled by the Chinese Communist Party. This was realized in response to the current situation.
TikTok has also been found to be a physical danger to children and teens, with several mourning families claiming the Chinese social media platform was directly responsible for their children’s deaths. is facing multiple lawsuits.
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