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Frank McCourt, billionaire real estate mogul and former Los Angeles Dodgers owner, mull bid to buy TikTok

Real estate billionaire Frank McCourt is set to buy TikTok as the app’s China-based parent company ByteDance faces a potential U.S. ban if it doesn’t sell the platform within the next year. We are organizing a bid for this.

McCourt, the former owner of the Los Angeles Dodgers and executive chairman of investment firm McCourt Global, said Wednesday that his organization, Project Liberty, is partnering with TikTok, with the goal of putting talent and data empowerment at the center of the world. “We are putting together a proposal for an acquisition.” Platform design and purpose. ”

He is proposing to migrate popular social media platforms to digital open source protocols, according to a press release.

“The foundations of our digital infrastructure are broken, and it’s time to fix them,” McCourt said in a statement. “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,” he added.

Project Liberty, which McCourt Global describes as “a sweeping $500 million effort to change the way the internet works,” is already making open source protocols readily available.

The organization oversees the Decentralized Social Networking Protocol (DSNP), which is an “open protocol and potential standard for social media,” according to its website.

McCourt’s bid to buy TikTok had the backing of World Wide Web inventor Sir Tim Berners-Lee, according to a Wednesday press release.

“The web I invented provided individuals with power and value that they do not currently have,” Berners-Lee said in a statement. “Users should be able to control their data and share it with other people and organizations as needed.”

“By leveraging open internet protocols such as Solid, TikTok will embrace the important values ​​of privacy, data sovereignty, and the mental health of its users,” he added, referring to the open source protocols he is leading. .

McCourt isn’t the only businessman considering buying TikTok. Former Treasury Secretary Steven Mnuchin previously said he was forming a group to buy the app, but said last week he was still “very interested.”

The interest in TikTok comes in the wake of a new law signed by President Biden last month that requires ByteDance to sell its app within about a year or face a ban from U.S. networks and online app stores. Become.

However, TikTok and ByteDance are suing to block the law, saying it violates the First Amendment.

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