Billionaire businessman and former Los Angeles Dodgers owner Frank McCourt’s group, Project Liberty, has officially submitted an offer to buy U.S. assets of TikTok from its parent company, ByteDance.
The development comes as the social media app faces a critical deadline: January 19, 2025, by which it must be sold or face a ban in the United States over national security concerns raised by the Biden administration.
TikTok Acquisition Bid Launched
On January 9, 2025, Project Liberty announced that it would buy TikTok as part of a consortium called The People’s Bid for TikTok. McCourt stressed that the proposal is not about ownership but a fundamental reshaping of the platform.
The vision, he said, includes building a new TikTok based on an “American-developed technological foundation” that puts user privacy and control at its core. That would avoid dependence on TikTok’s current algorithm, which has been a focal point in discussions about the safety and security of the app.
The consortium did not reveal specific details related to the finances of the bid but has garnered expressions of interest from various investors, including private equity funds and high-net-worth individuals. Moreover, it is expected to receive debt financing from one of the largest banks in the United States, reflecting strong financial support for the acquisition. The overall objective of Project Liberty is to provide the foundation for a more level playing field for users to have better control over their data and online interactions.
McCourt stated that by preserving the current functionality of TikTok without its algorithm, they could avoid a ban and at the same time enable around 170 million American users to keep on using the platform. He further expressed his looking forward to working with ByteDance, as well as the incoming administration, to complete this deal.
The January 19 Deadline: A Defining Moment for TikTok’s Future
The project has garnered support not only from investors but also from a number of TikTok creators who perceive advantages in migrating to an American-owned platform. The consortium is working toward the transition of TikTok users to an innovative digital infrastructure built on empowering users and providing them with increased control over personal data.
Yet for all those ambitious plans that Project Liberty has laid out, formidable challenges still lie ahead. ByteDance has repeatedly stated that TikTok is not for sale, which itself makes one question whether McCourt’s proposal will be entertained at all. What’s more, as legal proceedings drag on concerning the potential ban of TikTok in the U.S., time is short for McCourt and his consortium.
The January deadline for an agreement coincides with stepped-up scrutiny from U.S. lawmakers over foreign ownership of technology firms and its implications for national security.
Unless a sale occurs before January 19, severe restrictions or even an outright ban of TikTok could ensue within the United States—a development with massive consequences for both its consumers and creators, who earn income on the site.
Frank McCourt’s Project Liberty represents one of the biggest bids to date in a fight to acquire TikTok’s US assets against growing tension between data privacy and national security concerns. In offering a proposal designed to trumpet user empowerment via American ownership, McCourt is trying to salvage TikTok from a cultural standpoint while playing through treacherous legal and financial terrain.
With the deadline of January 19 getting closer, the eyes of the world will be on ByteDance’s response and, by extension, the potential implications for millions of American users relying on TikTok for connection and creativity.
