A consortium of US business leaders submitted a bid to ByteDance to buy TikTok’s US assets ahead of a review by the Supreme Court of the proposed ban of the popular social media site.
The People’s Bid for TikTok is a group formed by US billionaire Frank McCourt in tandem with his non-profit organisation Project Liberty.
The People’s Bid for TikTok stated it made a proposal to ByteDance to acquire TikTok’s US assets “to relaunch the platform on a new, American-made digital infrastructure”.
The plan to move TikTok’s existing base of about 170 million monthly users to a US-based tech stack will “prioritise privacy and trust on the platform”, according to Project Liberty.
USA Today reported the consortium of associates verbally pledged up to $20 billion for the purchase.
McCourt formerly owned the Los Angeles Dodgers Major League baseball team before selling it in 2012 for $2.2 billion. The group’s members also include “Shark Tank” TV star and investor Kevin O’Leary.
In April 2024, US President Joe Biden signed legislation that required China-based ByteDance to sell-off its US assets due to national security concerns.
The ban is set to take effect on 19 January, one day ahead of when President-elect Donald Trump is sworn into office.
While Trump initially supported the ousting of TikTok in his first term as President, he stated in December 2024 that he has a “warm spot in my heart for TikTok”.
Trump asked the Supreme Court to hold off on hearing arguments by TikTok and ByteDance on 10 January about the proposed ban until he becomes president. The US Department of Justice opposes the delay.
In December 2024, an appeals court upheld the potential ban.
“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. We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done,” McCourt stated.
The post US business leaders bid to buy TikTok appeared first on Mobile World Live.
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