Frank McCourt, a billionaire entrepreneur and real estate mogul, announced on Tuesday that his Project Liberty organization is forming a partnership to acquire TikTok’s U.S. business.
McCourt , is working with the expense bank Guggenheim Securities to manage the charge “with , the goal of placing people and data independence at the center of the product’s style and purpose”, Project Liberty announced , on Tuesday.
Shou Zi Chew, chief executive officer of TikTok Inc., speaks during the Bloomberg New Economy Forum in Singapore, on Wednesday, Nov. 16, 2022.  , Photographer: Bryan van der Beek/Bloomberg via Getty Images
TikTok Influencers film clip ( Getty Images/MIGUEL MEDINA )
Also, the , former Los Angeles Dodgers landlord is even working in , discussion with the law firm , Kirkland &, Ellis, as well as “world- renowned technologists, academics, community leaders, parents, and engaged citizens”.
If the sale is powerful,  , McCourt said his plan is to “rearchitect” TikTok’s platform and allow U. S. users” to reclaim agency over their online identities and data by proposing to migrate the platform to a new online available- source protocol”.
” The foundation of our digital infrastructure is broken, and it’s time to fix it” , , McCourt said. ” We can,  , and must, do more to safeguard the health and well- being of our children, families, democracy and society”.
The billionaire continued,” We view this potential acquisition as an incredible opportunity to catalyze an alternative to the current tech model that has dominated the internet.”
McCourt argued that the United States “has long been , the global driver of ground-breaking innovation,” and that he encourages anyone who wants to reclaim their data from Big Tech to get in touch with us and help shape the way the internet is used by people.
As Breitbart News reported, other potential candidates include former , Treasury Secretary Steven Mnuchin, who has also expressed interest in building an , investor group to buy TikTok from its parent company, Chinese tech giant ByteDance. Former Activision CEO Bobby Kotick also revealed that he has been , pitching potential investors, including OpenAI CEO Sam Altman.
Last week, however, TikTok and , ByteDance filed a lawsuit , in response to the , U. S. sell- or- ban legislation recently signed by President Joe Biden, which gives the Chinese company nine months to sell the app or face a ban in the United States.
Moreover, the Chinese companies have also suggested they would n’t be able to sell the app even if they wanted to, indicating that they are beholden to the Chinese , Communist Party (CCP). ” In reality,  , there is no choice”, they said.
Notably, that reveal essentially drives the U. S. government’s point home with regards to its concern involving national security.
According to TikTok and ByteDance, the Chinese government has made it clear that it will not permit the divestment of the recommendation engine, which is a key factor in TikTok’s success in the United States.
” China’s export control rules cover ‘ information processing technologies ‘ such as ‘ personal interactive data algorithms,'” the foreign companies added.
Given that TikTok’s parent company is controlled by Chinese communists, according to a report from Breitbart News, the sell-or-ban legislation was passed in response to it being widely accepted as a threat to national security by Republican and Democrat Party lawmakers.
TikTok has also demonstrated that it poses a physical threat to teenagers and children, and it has been the subject of numerous lawsuits brought by several depressed families who claim the social media platform directly caused their children’s deaths.
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