• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Investing

Billionaire Frank McCourt’s Project Liberty offers to acquire TikTok’s US assets

by January 9, 2025
written by January 9, 2025

As the deadline for a potential US TikTok ban approaches, businessman Frank McCourt’s Project Liberty has made a bold move.

Just days before the Supreme Court hears arguments on the ban, McCourt’s internet advocacy nonprofit submitted a proposal to purchase the popular social media platform from its Chinese owner, ByteDance.

The bid, part of the “People’s Bid for TikTok,” aims to reshape the app’s future on an American-owned platform that prioritizes user privacy and digital safety..

CNBC Tech

@CNBCtech

·Follow

Billionaire Frank McCourt’s Project Liberty bids for TikTok ahead of Supreme Court arguments cnbc.com/2025/01/09/bil…

9:32 PM · Jan 9, 2025

2

Reply

Read more on Twitter

In a statement, McCourt explained that the vision for a reimagined TikTok would involve restructuring the app to operate on a US-based technology stack, thereby protecting American users from potential privacy concerns.

“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,” McCourt said.

He emphasized that this initiative would not rely on TikTok’s current algorithm, offering an alternative to the looming ban that threatens millions of users.

While the nonprofit has not disclosed financial details, Project Liberty confirmed that ByteDance has received the proposal.

As the legal battle heats up, with the Supreme Court set to hear oral arguments on the TikTok ban, McCourt’s offer introduces an intriguing potential solution.

The US government’s national security concerns over TikTok, based on its Chinese ownership, have led to the proposed ban, which could significantly impact American users and small businesses.

According to TikTok, a one-month ban would result in a $1.3 billion loss in revenue and earnings for US creators and businesses.

The proposed ban, part of the “Protecting Americans from Foreign Adversary Controlled Applications Act,” would prohibit TikTok from being distributed or maintained in the US while under Chinese ownership.

Project Liberty’s bid seeks to mitigate these issues by moving TikTok to an open-source platform where users have more control over their data, aligning with its broader mission to build a more user-empowered internet.

The initiative is backed by high-profile partners, including investment banking group Guggenheim Securities and law firm Kirkland & Ellis.

Its supporters include digital safety advocates, investor Kevin O’Leary, and World Wide Web inventor Tim Berners-Lee, further bolstering the credibility of the bid.

As the legal battle continues, Project Liberty’s proposal could shape the future of TikTok in the US and set the stage for new regulations on user privacy and digital sovereignty.

The post Billionaire Frank McCourt’s Project Liberty offers to acquire TikTok’s US assets appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
MicroStrategy stock’s run has been promising so far, but here’s what could go wrong
next post
Trump tariffs? No problem, says Rolls-Royce CEO

related articles

Asian markets close: Nikkei, Kospi down; Sensex closes...

May 19, 2025

Qualcomm unveils AI chips for data centres with...

May 19, 2025

Best crypto to buy now: Bitcoin Pepe leads...

May 19, 2025

JPMorgan cuts Netflix rating, citing balanced risk-reward post-rally;...

May 19, 2025

Bitcoin ETF open interest dips 5% to $29.47B...

May 19, 2025

US stocks slip in the red on Monday:...

May 19, 2025

Should Klarna IPO remain on watch list after...

May 19, 2025

Why this brokerage downgraded UnitedHealth’s rating to ‘hold’

May 19, 2025

Nvidia opens NVLink Fusion ecosystem, expands Taiwan footprint...

May 19, 2025

Cathie Wood says Trump’s tariffs could unlock tech...

May 19, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Here’s what happened during Trump’s 11th week in office

    April 5, 2025
  • Ukrainian Offensive Forces Control 1,000 sq km in Kursk

    August 14, 2024
  • Ford to spend $3 billion to expand large truck production to a plant previously set for EVs

    July 18, 2024
  • Alphabet’s Q2 earnings preview: Revenue set to surge nearly 14% driven by AI and ad market revival

    July 22, 2024
  • ApeCoin and Akita Inu: Akita Inu falls to a new lower low

    August 27, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,720)
  • Investing (624)
  • Stock (772)

Latest Posts

  • ‘JOE, YOU’RE FIRED’: President Trump revokes Biden’s security clearance, intel briefings

    February 8, 2025
  • RNC delegates in Milwaukee revealed what should happen with Biden out of the race: ‘It doesn’t matter’

    July 21, 2024
  • Dem senators rip GOP’s ‘Silence of the Lambs’ as Trump marks 100th day

    April 29, 2025

Recent Posts

  • New Secret Service chief grilled on ‘pattern of negligence’ within agency after Trump assassination attempt

    July 30, 2024
  • Kamala Harris to accept presidential nomination on final night of DNC

    August 22, 2024
  • First the token, now the swipe: NYC’s subway system to stop selling MetroCards

    March 19, 2025

Editor’s Pick

  • Chinese nationals banned from US student visas under new House GOP proposal

    March 12, 2025
  • S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7%

    December 4, 2024
  • House poised to pass bill that would sanction International Criminal Court for trying to arrest Netanyahu

    January 9, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock