Top Investing Today
  • Investing
  • Politics
  • Stock
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Economy
  • Editor’s Pick
No Result
View All Result
Top Investing Today
No Result
View All Result
Home Editor's Pick

Billionaire Frank McCourt’s Project Liberty offers to acquire TikTok’s US assets

BoldThemes by BoldThemes
January 9, 2025
in Editor's Pick
0
Billionaire Frank McCourt’s Project Liberty offers to acquire TikTok’s US assets
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

As the deadline for a potential US TikTok ban approaches, businessman Frank McCourt’s Project Liberty has made a bold move.

Just days before the Supreme Court hears arguments on the ban, McCourt’s internet advocacy nonprofit submitted a proposal to purchase the popular social media platform from its Chinese owner, ByteDance.

The bid, part of the “People’s Bid for TikTok,” aims to reshape the app’s future on an American-owned platform that prioritizes user privacy and digital safety..

CNBC Tech

CNBC Tech

@CNBCtech

·Follow

Billionaire Frank McCourt’s Project Liberty bids for TikTok ahead of Supreme Court arguments cnbc.com/2025/01/09/bil…

9:32 PM · Jan 9, 2025

2

Reply

Read more on Twitter

In a statement, McCourt explained that the vision for a reimagined TikTok would involve restructuring the app to operate on a US-based technology stack, thereby protecting American users from potential privacy concerns.

“We’ve put forward a proposal to ByteDance to realize Project Liberty’s vision for a reimagined TikTok – one built on an American-made tech stack that puts people first,” McCourt said.

He emphasized that this initiative would not rely on TikTok’s current algorithm, offering an alternative to the looming ban that threatens millions of users.

While the nonprofit has not disclosed financial details, Project Liberty confirmed that ByteDance has received the proposal.

As the legal battle heats up, with the Supreme Court set to hear oral arguments on the TikTok ban, McCourt’s offer introduces an intriguing potential solution.

The US government’s national security concerns over TikTok, based on its Chinese ownership, have led to the proposed ban, which could significantly impact American users and small businesses.

According to TikTok, a one-month ban would result in a $1.3 billion loss in revenue and earnings for US creators and businesses.

The proposed ban, part of the “Protecting Americans from Foreign Adversary Controlled Applications Act,” would prohibit TikTok from being distributed or maintained in the US while under Chinese ownership.

Project Liberty’s bid seeks to mitigate these issues by moving TikTok to an open-source platform where users have more control over their data, aligning with its broader mission to build a more user-empowered internet.

The initiative is backed by high-profile partners, including investment banking group Guggenheim Securities and law firm Kirkland & Ellis.

Its supporters include digital safety advocates, investor Kevin O’Leary, and World Wide Web inventor Tim Berners-Lee, further bolstering the credibility of the bid.

As the legal battle continues, Project Liberty’s proposal could shape the future of TikTok in the US and set the stage for new regulations on user privacy and digital sovereignty.

The post Billionaire Frank McCourt’s Project Liberty offers to acquire TikTok’s US assets appeared first on Invezz

Previous Post

Trump tariffs? No problem, says Rolls-Royce CEO

Next Post

MicroStrategy stock’s run has been promising so far, but here’s what could go wrong

BoldThemes

BoldThemes

Next Post
MicroStrategy stock’s run has been promising so far, but here’s what could go wrong

MicroStrategy stock’s run has been promising so far, but here’s what could go wrong

  • Trending
  • Comments
  • Latest
The Connectivity Standards Alliance Product Security Working Group Launches the IoT Device Security Specification 1.0

The Connectivity Standards Alliance Product Security Working Group Launches the IoT Device Security Specification 1.0

March 19, 2024
Israel says UN ‘deceiving’ world over aid delays to Gaza

Israel says UN ‘deceiving’ world over aid delays to Gaza

March 28, 2024
Gold and Silver Set to Smash Records: Could 2024 Be Their Biggest Year Yet?

Gold and Silver Set to Smash Records: Could 2024 Be Their Biggest Year Yet?

May 17, 2024
Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

February 6, 2024

Trump and Melania to headline power-player packed Kennedy Center opening night

0
Amid growing criticism of Biden foreign policy, experts credit wins while leaving room for improvement

Amid growing criticism of Biden foreign policy, experts credit wins while leaving room for improvement

0
Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

Conservative backlash to Israel aid bill could force Johnson to seek Democrat support again

0
Precision Manufacturing For Sensitive Equipment With CNC Machining

Precision Manufacturing For Sensitive Equipment With CNC Machining

0

Trump and Melania to headline power-player packed Kennedy Center opening night

June 3, 2025

South Korea flips left in presidential race; Lee secures victory after conservative opponent concedes

June 3, 2025

White House stands by tax bill after Musk calls it a ‘disgusting abomination’

June 3, 2025
How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

June 3, 2025
Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent News

    Trump and Melania to headline power-player packed Kennedy Center opening night

    June 3, 2025

    South Korea flips left in presidential race; Lee secures victory after conservative opponent concedes

    June 3, 2025

    White House stands by tax bill after Musk calls it a ‘disgusting abomination’

    June 3, 2025
    How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

    How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

    June 3, 2025
    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Contact

    Copyright © 2024 Topinvestingtoday.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Politics
    • Stock
    • Economy
    • Editor’s Pick

    Copyright © 2024 Topinvestingtoday.com. All Rights Reserved.