Billionaire Frank McCourt has raised $20 billion in investor support for a possible acquisition of TikTok from China’s ByteDance. The lengthy litigation forces the parent company to sell the business in the United States before January 19 to avoid a total ban on the social network.
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McCourt’s attempt may have merit after a federal appeals court upheld congressional demands to sell the app.
According to Axios, the businessman has received “informal commitments to provide capital in excess of $20 billion” and intends to tour investors in New York and San Francisco in the near future.
The billionaire’s company, McCourt’s Project Liberty, specializes in creating decentralized social networks and a “healthier, fairer Internet” in general. The project has both a commercial division and a research institute.
McCourt says his group is “uniquely positioned to lead TikTok” and will prioritize user safety if the deal is completed.
“The technology we are developing respects identity by giving people ownership and control of their identities instead of tracking them,” McCourt says. “This is possible because we do not depend on foreign actors nor are we subordinate to large technology companies.”
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
