Frank McCourt, the former owner of the Los Angeles Dodgers from 2004 to 2012, announced that he is organizing a bid to buy the popular social media platform TikTok.
China-based parent company ByteDance is facing a possible U.S. ban if it fails to sell the website within the next year after President Joe Biden signed legislation mandating the firm sell the platform or be prohibited in the United States. The entity will have until January 2025 to locate a buyer, though company leaders say they do not intend to sell.
Mr. McCourt is making plans anyway.
He confirmed on Wednesday that he is organizing an acquisition through Project Liberty, an initiative to establish a new open-source decentralized internet. He is working with investment banker Guggenheim Securities and law firm Kirkland & Ellis. Additionally, the billionaire executive plans to consult with a wide range of voices, including academics, community leaders, parents, and technologists….
