Frank McCourt's 'People's Bid' Secures $20B for TikTok Acquisition

Dec 6, 2024, 02:50 PM

Billionaire Frank McCourt, known for his previous ownership of the Los Angeles Dodgers, is spearheading a 'people's bid' to acquire TikTok through his Project Liberty initiative. The initiative has reportedly secured $20 billion in informal commitments from investors across the business, technology, and finance sectors. McCourt has described the bid as an opportunity to address challenges associated with TikTok and turn them into solutions. The Project Liberty group plans to begin an investor roadshow in New York City and San Francisco next week to raise additional funds. The bid comes as a court decision on TikTok's future is anticipated.