Frank McCourt’s Project Liberty Eyes TikTok US Acquisition as Deadline Looms

Under a law signed by President Joe Biden on April 24, ByteDance must divest TikTok’s U.S. assets by January 19 or face a potential ban. Per Reuters, The People’s Bid consortium was established specifically for this acquisition and claims to have both the financial backing and strategic vision needed to complete the deal. The group has secured interest from various investors, including prominent private equity firms, family offices, and high-net-worth individuals. Additionally, the consortium has arranged debt financing from one of the largest banks in the United States to further bolster its bid.

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McCourt’s Project Liberty, launched last year, is focused on reshaping the social media landscape by promoting transparency and data privacy. The bid for TikTok’s U.S. operations aligns with Project Liberty’s broader mission to reduce the reliance on algorithms that often drive content on social platforms. “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform,” McCourt said in a statement.

Reuters reports that while the consortium has not disclosed the exact value of its proposal, it asserts that it has the necessary capital commitments to finalize the acquisition. The People’s Bid sees the purchase as an opportunity to ensure TikTok remains accessible to U.S. users while addressing national security concerns tied to the platform’s Chinese ownership.

Source: Reuters