Frank McCourt Organizing Consortium to Purchase TikTok

May 15th, 4:30 PM EDT

By NEWSnet Digital Team

TikTok app on a phone

MGN via Unsplash

(NEWSnet/AP) — Real estate mogul Frank McCourt he is arranging a consortium to purchase TikTok’s U.S. business.

The announcement, posted late Tuesday on McCourt’s Project Liberty initiative, said he is organizing the bid in consultation with investment bank Guggenheim Securities “with the goal of placing people and data empowerment at the center of the platform’s design and purpose.”

If a sale occurs, McCourt said he would restructure TikTok and give more agency to people over “digital identities and data” by migrating the platform to an open-source protocol that allows additional transparency.

It adds to the number of investors hoping to benefit from a federal law that requires TikTok’s China-based parent company to sell the platform or face a ban. Last week, ByteDance and TikTok filed a lawsuit to block the law from going into effect.

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