Frank McCourt, a billionaire businessman and real estate mogul, announced on Tuesday that his organization, Project Liberty, is putting together a consortium to purchase TikTok’s U.S. business. McCourt is collaborating with the investment bank Guggenheim Securities to spearhead the bid with a focus on putting people and data empowerment at the forefront of the platform’s design and purpose.
In addition to Guggenheim Securities, McCourt is also working with the law firm Kirkland & Ellis and various experts in technology, academia, community leadership, and parenting to ensure the success of the bid. If the acquisition is successful, McCourt plans to revamp TikTok’s platform by migrating it to a new digital open-source protocol, allowing U.S. users to have more control over their digital identities and data.
McCourt emphasized the need to address the shortcomings in the digital infrastructure and safeguard the well-being of children, families, democracy, and society. He sees the potential acquisition of TikTok as an opportunity to offer an alternative to the current tech model dominating the internet, encouraging others to join in redefining the future of the internet for the people.
Several other potential candidates, such as former Treasury Secretary Steven Mnuchin and former Activision CEO Bobby Kotick, have also expressed interest in acquiring TikTok. However, TikTok and its parent company, ByteDance, have filed a lawsuit in response to the U.S. sell-or-ban legislation signed by President Joe Biden, citing lack of autonomy due to Chinese government control.
The U.S. government has raised concerns about TikTok’s ties to Chinese communists, considering it a national security threat. Furthermore, the app has faced legal challenges for its impact on the safety of kids and teens, with allegations linking it to tragic incidents. The sale-or-ban legislation was enacted in response to these concerns.
Overall, the potential acquisition of TikTok by Project Liberty represents a significant development in the tech industry, as key players aim to address issues of data privacy, national security, and platform safety.
