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

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..

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