A consortium of prominent US business leaders has reportedly made a bid to acquire TikTok, amid heightened tensions surrounding the platform’s impending ban in the United States. The group, which calls itself “The People’s Bid for TikTok,” is spearheaded by billionaire entrepreneur Frank McCourt in collaboration with Project Liberty, a non-profit organization focused on building more equitable digital infrastructure. This bid comes ahead of a critical review of TikTok’s operations in the US, with the ban set to take effect on January 19th, just one day before Donald Trump’s inauguration as the incoming president.
TikTok, owned by Chinese tech company ByteDance, has long been viewed as a national security threat by US lawmakers, who cite concerns over data privacy and the potential influence of the Chinese government. In April 2024, outgoing President Joe Biden signed legislation requiring ByteDance to divest its US operations, intensifying the scramble for control of TikTok’s assets. The People’s Bid for TikTok aims to purchase these assets to relaunch the platform using a US-built digital infrastructure, a move intended to prioritize privacy and rebuild trust among its massive user base.
A spokesperson for Project Liberty emphasized that transitioning TikTok’s 170 million monthly US users to a domestic tech stack would create a foundation for greater data security and user trust. This vision aligns with the consortium’s broader mission to reform the digital landscape, ensuring that platforms like TikTok operate in a way that safeguards user privacy while maintaining their popularity and cultural relevance.
The consortium’s bid, as first reported by USA Today, includes a verbal commitment of up to $20 billion for the acquisition of TikTok’s US operations. McCourt, known for his previous ownership of the Los Angeles Dodgers, which he sold for $2.2 billion in 2012, has played a key role in rallying support for this ambitious initiative. Joining McCourt is another high-profile investor, Kevin O’Leary, a well-known figure from the television show Shark Tank and an experienced venture capitalist.
Despite the looming ban, political dynamics surrounding TikTok appear to be shifting. Donald Trump, who is set to return to the presidency on January 20th, initially supported the ban during his first term but has recently expressed a more lenient attitude. In December 2024, he remarked that he had “a warm spot in my heart for TikTok,” signaling a potential openness to alternative solutions that would allow the platform to continue operating under US control.
Trump’s evolving stance has not gone unnoticed. In early January, he formally requested the Supreme Court to delay hearings on ByteDance’s appeal of the proposed ban until after his inauguration, though the US Department of Justice opposed this motion. This legal uncertainty has added a layer of urgency to The People’s Bid for TikTok, as the consortium seeks to finalize its acquisition plans and prevent the platform’s outright ban.
Frank McCourt, speaking on behalf of the consortium, expressed optimism about the potential for a successful deal, stating, “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform. We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done.”
As the situation unfolds, The People’s Bid for TikTok represents a bold effort to reshape the platform’s future while addressing the concerns that have placed it at the center of geopolitical and economic debates. Whether this ambitious bid will succeed remains to be seen, but it underscores the far-reaching implications of TikTok’s fate for technology, privacy, and international relations.