Billionaire businessman Frank McCourt’s internet advocacy group Project Liberty has announced his willingness to share U.S. ownership of Tiktok following his initial bid to buy the app.
Amid the ongoing developments and speculation of the app's ownership, McCourt announced he is willing to consider any business arrangement, including a 50% stake instead of full ownership.
His main condition for a joint venture is that the app runs on technology overseen by Project Liberty called the Decentralized Social Networking Protocol (DSNP).
DSNP is a system that allows social networks to be open, connected, and not controlled by a single platform, giving users more control over their data, content, and online presence.
This would mean purchasing Tiktok without its algorithm, as McCourt said Project Liberty is “not interested in the algorithm or the Chinese technology.”
McCourt first announced he had submitted a proposal to buy the social media site from Chinese technology company ByteDance days before the U.S. ban on the app came into effect.
The bid includes US$20 billion in commitments from investors, however, McCourt has not provided further details about who the investors are.
The Supreme Court ruled last week that ByteDance must sell its stake in TikTok or face a nationwide ban.
As the company failed to meet the deadline for the sale, TikTok was removed from Apple and Google app stores and became inaccessible to U.S. users on 19 January.
However, some services resumed on Monday after President Donald Trump signed an executive order on his first day in office, allowing the app to operate for another 75 days.
Before signing the order Trump wrote on the social media platform Truth Social, “I would like the United States to have a 50% ownership position in a joint venture. By doing this, we save TikTok, keep it in good hands and allow it to say up.
Without U.S. approval, there is no TikTok. With our approval, it is worth hundreds of billions of dollars - maybe trillions.”
Discussions have continued as General Atlantic CEO Bill Ford said “The Chinese government, the U.S. government and the company and the board all have to be involved in this conversation,” working towards a deal to keep the app in the U.S.
It still remains unclear if ByteDance will sell Tiktok or if the Chinese government will agree to the sale in the U.S.
