Billionaire Frank McCourt says he is putting together a consortium to buy TikTok

Billionaire businessman and real estate mogul Frank McCourt said he is putting together a consortium to acquire TikTok's U.S. operations, adding to the number of investors hoping to take advantage of a new federal law requiring the China-based TikTok parent company is selling the popular platform, otherwise a problem is expected. prohibit.

The announcement, posted late Tuesday on McCourt's Project Liberty initiative, said the former owner of the Los Angeles Dodgers organized the bid in consultation with investment bank Guggenheim Securities and “with the goal of putting people and data empowerment first.” in the platform's strategy. design and purpose.”

If a sale does happen, McCourt said he would plan to restructure TikTok and give people more control “over their digital identity and data” by migrating the platform to an open-source protocol that allows for more transparency.

Other investors, including former Treasury Secretary Steven Mnuchin, have expressed a desire to buy TikTok. However, parent company ByteDance has already announced that it does not intend to sell the platform. It's also unlikely that the Chinese government will approve a sale — especially one that includes the recommendation engine that powers the videos that populate users' feeds.

Last week, ByteDance and TikTok filed a lawsuit against the US government to block the law's entry into force. On Tuesday, eight TikTok creators filed their own complaint, arguing that the law violates their First Amendment right to freedom of expression.

According to Forbes, McCourt is worth $1.4 billion. He sold the Dodgers to Guggenheim Baseball Management in 2012 for $2 billion. In 2016 he bought the French football club Marseille.

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