Billionaire Group Bids for TikTok US Assets Amid Looming Ban

A group led by billionaire entrepreneur Frank McCourt and backed by investor Kevin O'Leary has submitted a formal offer to acquire TikTok‘s US assets from its China-based parent company, ByteDance. The bid comes as the Supreme Court prepares to hear arguments on a law that could ban the popular social media app in the United States if it is not sold by January 19, 2025.

The group, calling itself the ‘People's Bid,’ aims to purchase TikTok’s US operations without its proprietary algorithm, which is a key driver of the app’s success. The proposal seeks to rebuild the platform using American-designed technology, addressing national security concerns raised by US lawmakers. However, ByteDance has repeatedly stated that it has no plans to sell TikTok, complicating the group’s efforts.

The Supreme Court case stems from a law passed by Congress in April 2024, which requires TikTok to sever ties with ByteDance or face a ban in the US. The law, signed by President Joe Biden, cites national security risks, including the potential for the Chinese government to access user data or influence content. TikTok has argued that the law violates the First Amendment rights of its 170 million American users and creators who rely on the platform for income and expression.

McCourt, a former owner of the Los Angeles Dodgers, emphasized the group’s commitment to preserving TikTok’s role as a communication tool while ensuring privacy and trust. ‘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,’ McCourt said in a statement.

Kevin O’Leary, known for his role on ‘Shark Tank,’ expressed confidence in the group’s ability to rebuild TikTok’s algorithm. ‘We’ll buy it without the algorithm. We don’t need them. We’ll do it ourselves and make TikTok wonderful again,’ he said in a social media post.

The bid faces significant challenges, including opposition from the Chinese government, which has vowed to ‘firmly oppose’ a forced sale. Additionally, experts question whether TikTok can maintain its popularity without its current algorithm, which has proven difficult for competitors to replicate.

The Supreme Court’s decision, expected soon, will determine the fate of TikTok in the US. If the law is upheld, TikTok could be banned unless a sale is finalized, leaving millions of users and creators in limbo.