Billionaire businessman Frank McCourt announced that he’s teaming up with others to buy TikTok’s U.S. business. This comes after a new law requires TikTok’s Chinese parent company to sell the app or face a ban.
McCourt is working with an investment bank called Guggenheim Securities to make the bid. Their plan is to focus on putting people and data control at the forefront of TikTok’s design. They want to make the platform more transparent and give users more control over their data.
Even though McCourt doesn’t personally use TikTok, his businesses do. He’s been interested in improving data privacy on the internet for a while now through his initiative called Project Liberty.
He wants to change TikTok in a way that aligns with his vision for a safer and healthier internet. Social psychologist Jonathan Haidt supports McCourt’s plan.
However, McCourt isn’t the only one interested in buying TikTok. Former Treasury Secretary Steven Mnuchin is also interested. But ByteDance, the company that owns TikTok, has said they don’t plan to sell. And experts say the Chinese government might not approve a sale, especially if it involves TikTok’s recommendation engine.
McCourt isn’t a fan of TikTok’s current recommendation system. He believes platforms like TikTok should be managed differently. He thinks ByteDance will eventually sell TikTok’s U.S. business, though.
ByteDance and TikTok have been fighting against the new law. They filed a lawsuit against the U.S. government to stop the law from taking effect. Eight TikTok creators also filed their own lawsuit, saying the law violates their right to free speech.
TikTok is also fighting a legal battle in Montana. They’re trying to block a state law that would ban the app. TikTok and Montana agreed to put the lawsuit on hold while the federal lawsuits are sorted out.
McCourt is a billionaire, worth $1.4 billion according to Forbes. He previously owned the Los Angeles Dodgers and bought the French soccer club Marseille.
