At the Davos event on Thursday, U.S. businessman Frank McCourt expressed his willingness to collaborate with other buyers in a potential bid for the U.S. operations of TikTok, but with a condition that he retains control of the asset. He mentioned that various private equity firms and family offices have put forth options for financing, without disclosing specific details.
McCourt highlighted that the crucial factor at play is the decision-making process involving ByteDance or the Chinese government regarding the future of U.S. TikTok, stating, "Capital is not the issue here." The recent development unfolded after U.S. President Trump issued an executive order with a 75-day deadline, expressing his preference for a 50% U.S. ownership position in a joint venture with TikTok.
McCourt's initiative, Project Liberty, aims to operate the app on its technology, empowering users to control their data sharing. Various parties from finance, technology, and entertainment circles have shown interest in acquiring TikTok or its U.S. user base.
During a recent meeting with the U.S. House of Representatives' select committee on China, McCourt and his fellow bidder Kevin O'Leary received assurance that lawmakers are dedicated to a responsible divestiture of TikTok. McCourt emphasized the value of TikTok's users, data, and brand, intending to transition them to his Project Liberty platform while excluding the purchase of TikTok's algorithm.
Maintaining a focus on meeting legislative requirements, McCourt is open to diverse ownership structures as long as he can ensure control and facilitate the migration of TikTok users to Project Liberty's digital infrastructure within a year if a deal materializes.