Real estate billionaire Frank McCourt is spearheading an effort to acquire TikTok, in light of the app’s Chinese parent company ByteDance potentially facing a U.S. ban if it fails to sell the platform within the next year.
Frank McCourt, the previous owner of the Los Angeles Dodgers and executive chair of investment firm McCourt Global, announced on Wednesday his plans to form a bid through his organization Project Liberty to acquire TikTok. His intention is to prioritize the well-being of users and the responsible use of data by placing them at the forefront of the platform’s design and purpose.
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In a press release, it was announced that he is suggesting a transition of the widely-used social media platform to a digital open-source protocol.
According to McCourt, it is imperative that we address the flaws in our digital infrastructure and take the necessary steps to rectify them. McCourt emphasizes the need to prioritize the protection of our children, families, democracy, and society as a whole.
According to him, the potential acquisition presents a remarkable opportunity to spark an alternative to the prevailing tech model that has dominated the internet.
The Decentralized Social Networking Protocol is an open protocol and potential standard for social media, as stated on its official website. The organization is responsible for overseeing this innovative protocol.
According to a press release on Wednesday, Tim Berners-Lee, the inventor of the World Wide Web, has expressed support for McCourt’s bid to acquire TikTok.
In a statement, Berners-Lee emphasized that the purpose of his invention, the web, was to empower and bring value to individuals. He firmly believes that users should have control over their own data and the freedom to choose with whom they share it.
According to the open-source protocol leader, a TikTok that incorporates open internet protocols like Solid will prioritize privacy, data sovereignty, and user mental health.
Several businessmen are interested in acquiring TikTok, including former Treasury Secretary Steven Mnuchin. In fact, Mnuchin recently stated that he is still very interested in putting together a group to purchase the app.
There has been a surge of interest in TikTok following the recent enactment of a new law. President Biden signed this law, which mandates that ByteDance must sell the app within a year or risk a ban on U.S. networks and online app stores.
TikTok and ByteDance are filing a lawsuit to prevent the implementation of the law, asserting that it infringes upon the First Amendment rights.
