TikTok’s US future in limbo: Billionaire Frank McCourt’s Project Liberty proposes acquisition–Will ByteDance say ‘yes’?

TikTok is facing a potential ban in the United States due to national security concerns. Alarms have raised alarms over the app’s data privacy practices, fearing that user data collected by TikTok could be accessed by the Chinese government, given its parent company, ByteDance, is based in China. These concerns have prompted discussions about the app’s future, with options for a complete ban while on the other hand its sale to a US-based company to ensure greater control over American user data. Amid this uncertainty, Project Liberty has stepped forward with a bold proposal to acquire TikTok’s US assets and reimagine the platform with an American-made digital infrastructure, aiming to protect both users’ privacy and the platform’s continued existence in the US.

Spearheaded by Project Liberty Founder Frank McCourt, The People’s Bid for TikTok has submitted a proposal to ByteDance to acquire TikTok’s US assets. This move aims to preserve TikTok’s community, while reimagining the platform with an American-made digital infrastructure. The bid’s goals include ensuring privacy and data control for TikTok’s 170 million US users and preventing a platform ban, all while limiting disruption for TikTokers and stakeholders.

Project Liberty’s vision for a new TikTok

Frank McCourt, Founder of Project Liberty, shared his vision for the future of TikTok. “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. “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform.”

Project Liberty plans to transition TikTok’s user base to a new infrastructure focused on user data control and privacy. This shift would minimize disruption for TikTok users while prioritizing trust and transparency on the platform.

A broad coalition backing the bid

The proposal comes as part of The People’s Bid for TikTok, a collaborative effort to offer Americans a voice and stake in the platform’s future. The project has gained the support of investors, technologists, business owners, creators, and everyday citizens. Recently, world-renowned investor Kevin O’Leary joined the initiative, further solidifying its credibility.

“I’ve spoken to all the potential bidders, and it’s clear to me that Frank McCourt and Project Liberty are the team to get this done,” said Kevin O’Leary, Chairman of O’Leary Ventures. “This is the bid that can save TikTok. Project Liberty has brought together the right people, the right vision and the right technology to avoid a ban. It is a win for all Americans.”

Financial capacity and support for the proposal

Project Liberty said it has secured significant financial backing to carry out the acquisition. The proposal includes expressions of interest from major private equity funds, family offices, and high-net-worth individuals for equity capital. Additionally, debt financing is being supported by one of the largest banks in the US.

“We have the financial capacity to complete the transaction, and we’re ready to execute this vision,” said McCourt.

TikTok creators back the proposal

Project Liberty also stated that the bid has garnered support from TikTok creators, who are eager to maintain control over their data and content. The proposal would allow them to continue engaging with a platform where they can dictate how their information is used, fostering a safer and more transparent environment.

Project Liberty’s legal and financial team

Project Liberty’s team includes leading legal and financial advisors with experience handling complex, high-stakes transactions. Tomicah Tillemann, President of Project Liberty, emphasized the team’s expertise, stating, “We have the technology, resources, and team to complete a deal and protect TikTok’s position as a cultural cornerstone of the internet.”

Tillemann added that while ByteDance may explore all legal options to retain its US business, the proposal offers an alternative that compensates ByteDance’s owners fairly while ensuring that TikTok’s creators and small businesses can thrive. He also emphasized that the financial specifics would not be publicly shared until ByteDance is in a position to review the offer.

The path forward for TikTok’s future

Project Liberty believes their proposal offers a long-term solution for the millions of Americans who rely on TikTok. The team remains hopeful that the proposal will be reviewed positively by ByteDance and lead to a successful acquisition.

“We believe our bid is the right path forward for the millions of Americans who want to continue using TikTok,” McCourt concluded.