Billionaire Frank McCourt's Project Liberty forms consortium to bid for TikTok

Entrepreneur and former Los Angeles Dodgers owner Frank McCourt said on Wednesday his organization, Project Liberty, is forming a consortium to buy social media platform TikTok in the United States.

A law signed by President Joe Biden on April 24 gives the social media platform’s owner, ByteDance, until Jan. 19 next year to sell TikTok or face a ban.

The bill was passed by U.S. lawmakers on account of worries that China could access Americans’ data or surveil them through the app.

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The White House had said it wants to see Chinese-based ownership ended on national security grounds but not a ban on TikTok.

Project Liberty, working with Guggenheim Securities, law firm Kirkland & Ellis, technologies, academics and others, proposed to migrate the platform to a digital open-source protocol.

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The inventor of the World Wide Web, Sir Tim Berners-Lee, and David Clark, a senior research scientist at the MIT Computer Science and Artificial Intelligence Laboratory, are among the supporters of the bid, the organization said.

Project Liberty had launched the open-source Decentralized Social Networking Protocol in 2021, establishing a shared social graph that is not dependent on a specific application or a centralized platform.

The organization encompasses work of the Project Liberty Institute, with an international partner network that includes academic institutions and a for-profit arm that includes a technology team developing digital infrastructure.