Billionaire Frank McCourt Launches Bid to Acquire TikTok, Aiming to Forge an Alternative Internet

By Madz Dizon

May 16, 2024 04:10 AM EDT

Billionaire Frank McCourt Launches Bid to Acquire TikTok, Aiming to Forge an Alternative Internet With $40 Billion Consortium(FRANCK FIFE/AFP via Getty Images) (Credit: Getty Image)

Frank McCourt announced on Wednesday that he is bringing together a team of experts, along with technology specialists, academics, and parents, to provide consultation on the potential acquisition of TikTok's US division.

Frank McCourt Aims to Revamp TikTok for Privacy

Another famous investor has expressed intentions to lead a bid in acquiring TikTok, following the recent enactment of a law by President Joe Biden. This law mandates TikTok to secure a new owner or face prohibition within the United States.

On Wednesday, Frank McCourt, a real estate billionaire and the former owner of the Los Angeles Dodgers, announced his plans to acquire TikTok as part of his broader initiative to create a healthier internet.

His objective is to reconsider the way TikTok and the internet as a whole handle data and prioritize privacy, CNN reported.

McCourt is already engaged in discussions about the app with academics and experts who specialize in studying the impact of technology.

One notable individual he has been in contact with is Jonathan Haidt, whose book 'The Anxious Generation' has gained significant popularity for its insights into how smartphones have affected the mental health of young adults.

TikTok Sale

There are still numerous uncertainties surrounding the potential outcome of a TikTok sale.

The Chinese government holds the authority to block the sale of TikTok's algorithm, and untangling the operations between TikTok's US business and ByteDance could prove challenging.

Considering the current level of uncertainty, McCourt mentioned that it is premature to talk about a possible valuation, according to the New York Times.

However, his focus lies on TikTok without its video recommendation technology. He has already enlisted the help of financial advisers from the investment bank Guggenheim Securities and legal advisers from the law firm Kirkland & Ellis.