Billionaire Frank McCourt Leads Consortium to Buy TikTok, Prioritizing User Privacy
By : Benzinga
Published On: 2024-05-16
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00:41
Billionaire Frank McCourt is organizing a consortium of investors to purchase the popular video-sharing app TikTok from its parent company, ByteDance. McCourt is the executive chairman of McCourt Global and founder of Project Liberty, which is organizing a "people's bid" to buy TikTok with the goal of prioritizing user privacy and data empowerment. The bid comes in response to a new U.S. law requiring the sale of TikTok's U.S. operations by January due to national security concerns over its Chinese ownership. TikTok has sued to block the forced sale, arguing it is unconstitutional, while ByteDance has said it won't sell under pressure from the Chinese government.
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