Billionaire Frank McCourt’s TikTok bid has $20bn in ‘informal commitments’: report

Billionaire Frank McCourt has reportedly secured $20 billion in investor commitments toward a potential acquisition of China-owned TikTok — an effort that could gain steam after a federal appeals court upheld congressional legislation requiring the sale of the app on Friday .

McCourt’s Project Liberty — an Internet-focused firm that includes a for-profit arm and a nonprofit think tank — has secured “informal commitments of more than $20 billion in capital,” Axios reported. The group is said to be hosting an investor show in New York and San Francisco next week to gather more support.

McCourt said his group “is uniquely positioned to take over the administration of TikTok” and would prioritize user safety if a transaction was completed.

“The technology we’re building respects individuals by giving them ownership and control of their identity and data, not by surveilling them,” McCourt told the media.

Frank McCourt’s Liberty Project is putting together an effort to buy TikTok. Getty Images

“This is possible because we are not influenced by foreign actors, we are not beholden to Big Tech, and we have built the necessary technology that can support this powerful platform loved by more than 170 million Americans,” he added. McCourt.

Project Liberty has not yet disclosed the names of the investors who provided the money. The group has reportedly tapped the services of Guggenheim Securities and law firm Kirkland & Ellis to help with its bid.

The Post has contacted TikTok for comment.

A three-judge panel rejected TikTok’s claims that the law — which requires TikTok’s parent ByteDance to sell the app by January 19 or face a US ban — was unconstitutional. Congress pursued the investment bill because of concerns that TikTok was a national security threat.

TikTok has insisted it is not for sale. bloomicon – stock.adobe.com

TikTok denies the allegations. The law passed in April despite a frantic lobbying effort on Capitol Hill by TikTok.

It is widely believed that any US investor group that succeeded in buying TikTok would have to rebuild the recommendation algorithm that powers the app. The Chinese government has vowed to oppose a forced sale.

Former Treasury Secretary Steven Mnuchin has also expressed interest in buying TikTok and has held talks with investors about possibly making a bid.

TikTok claims that the sale of TikTok is not possible within the limited time frame of the bill. The law gives the president the ability to extend the sale deadline by 90 days if there are signs of progress toward a deal.

McCourt’s firm says it has $20 billion in commitments. Anatolia via Getty Images

Both the DOJ and TikTok asked the court to issue a ruling by Friday to ensure there is enough time to react to the ruling before the law takes effect. TikTok is expected to appeal the decision to the Supreme Court.

In another twist, President Trump — a longtime critic of TikTok — has said he opposes a ban.

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Image Source : nypost.com

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