Official announcements from ByteDance or acquiring companies

Frank McCourt, Kevin O'Leary Bid for TikTok's U.S. Assets as January 19 Ban Looms Without Algorithm

Jan 13, 2025, 06:39 AM

Billionaire Frank McCourt, former owner of the Los Angeles Dodgers, has formally bid to acquire TikTok's U.S. assets through his organization, Project Liberty. The bid, known as the "People's Bid for TikTok," is supported by Shark Tank investor Kevin O'Leary and other backers, including Guggenheim Securities and Kirkland & Ellis. The offer, which excludes TikTok's algorithm, comes amid a looming January 19 deadline for ByteDance, TikTok's parent company, to divest its U.S. operations or face a potential ban on national security grounds. McCourt's plan involves rebuilding TikTok on an American-designed infrastructure to address data privacy and national security concerns. Project Liberty has secured $20 billion in verbal commitments from investors. Kevin O'Leary has also sought support from President-elect Donald Trump for the acquisition. ByteDance has not publicly acknowledged the offer and maintains that it does not plan to sell TikTok. The algorithm, considered intellectual property by China, is excluded from the sale. Project Liberty also plans to use a decentralized protocol to enhance user control over data. The Supreme Court recently heard arguments regarding the legality of the ban, which could affect over 170 million American users.