As TikTok inches closer to a ban in the US, billionaire Frank McCourt’s non-profit organization – ‘Project Liberty,’ along with a group called ‘The People’s Bid for TikTok,’ has submitted a formal proposal to buy the Chinese app’s US assets. The People’s Bid is a consortium of technologists, investors, community leaders and creators. The list also includes Shark Tank celeb and investor Kevin O’Leary. They aim to purchase TikTok and migrate the platform to new infrastructure.
“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,” said Frank McCourt, Founder of Project Liberty.
The proposal also promises to enable 170 million TikTok users in the US to control, protect, and benefit from their data. Although the group has not revealed the proposed value of the offer, it claims that it has the financial resources required to complete the deal. The claims appear credible, as the group has received expressions of interest from investors, including high-net-worth individuals (HNIs), private equity funds, and family offices.
The consortium could also secure debt financing from one of the largest banks in the US if the proposal is approved. While the bidders respect ByteDance’s position to explore all legal options, the consortium claims to offer an alternative path that fairly compensates TikTok’s owners.
“I’ve spoken to all the potential bidders, and it’s clear to me that Frank McCourt and Project Liberty are the team to get this done. This is the bid that can save TikTok. Project Liberty has brought together the right people, the right vision and the right technology to avoid a ban. It is a win for all Americans,” Kevin O’Leary, Chairman of O’Leary Ventures, said in a press release.
Notably, last April, President Joe Biden signed a bill into law, ensuring that the Chinese-owned TikTok will be banned unless it is sold within a year. The deadline is set to end on January 19.
The Biden-led government argues that TikTok, owned by the Chinese company ByteDance, poses a national security threat, mainly due to the possibility of Chinese influence on the platform’s algorithms and access to sensitive data. However, US President-elect Donald Trump recently expressed his willingness to allow the platform to continue operating in the US, at least temporarily.
Now, the fate of TikTok in the United States rests in the hands of the Supreme Court, as the top court has agreed to expedite the case. However, it remains uncertain when a decision might be reached.
