Frank McCourt Leads $20 Billion Investor Bid to Save TikTok from US Ban
An investor group led by former Los Angeles Dodgers owner Frank McCourt has secured over $20 billion in capital commitments to potentially acquire TikTok's U.S. operations, as ByteDance faces a January 19th deadline to sell or shut down the platform in the United States.
TikTok Project Liberty logo
The initiative, known as "The People's Bid for TikTok," recently gained momentum with businessman Kevin O'Leary joining the effort. O'Leary has merged his TikTok-buyout crowdfunding platform, WonderfulTikTok.com, with McCourt's group.
Key developments:
- ByteDance maintains its position against selling TikTok
- Supreme Court oral arguments are scheduled for January 10th
- President Biden can extend the forced-sale deadline by up to 90 days
- O'Leary and McCourt are willing to purchase TikTok without its algorithms
O'Leary stated on X: "We'll buy it without the algorithm. We don't need them. We'll do it ourselves and make TikTok wonderful again." This addresses a major obstacle, as ByteDance has long considered its algorithms essential to TikTok's operation.
Regarding potential ban implications:
- Existing users may retain access temporarily
- App updates and marketplace distribution would be restricted
- Users are discussing VPN alternatives to maintain access
- Platform's long-term viability would be compromised without updates
The situation remains fluid as stakeholders await the Supreme Court's decision and potential deadline extensions from the Biden administration.
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