Yesterday, Billionaire Frank McCourt, the entrepreneur and former owner of the Los Angeles Dodgers, has announced that his initiative, Project Liberty, along with its consortium of partners under the banner of The People’s Bid, has formally proposed a bid to acquire TikTok’s U.S. assets from ByteDance. The move comes in response to a looming deadline of January 19, by which ByteDance is required to either sell the platform or face a potential ban under a law signed by President Joe Biden on April 24.
While the exact value of the bid has not been disclosed, McCourt’s consortium emphasized its robust financial backing, which includes expressions of interest from prominent investors such as major private equity funds, family offices, and high-net-worth individuals. Additionally, they have secured debt financing from one of the largest banks in the United States, ensuring the financial capacity to complete the deal.
Project Liberty, which McCourt and his firm established last year with the goal of acquiring TikTok’s U.S. operations, aims to keep the platform operational while circumventing a ban and reducing reliance on the current TikTok algorithm.
McCourt’s statement highlights the intention to preserve the platform for millions of American users, enabling them to continue enjoying its services. He expressed his eagerness to collaborate with ByteDance, President Donald Trump, and the incoming administration to finalize the deal, signaling his commitment to navigating the complexities of both the legal and political landscapes surrounding TikTok’s future in the U.S.
According to data, TikTok has over 120.5 million daily active users in the United States. In the U.S. TikTok market, the top-selling category in September was beauty and personal care, with monthly sales of approximately 5.74 million units and sales exceeding $200 million.
