U.S Billionaire Frank McCourt has thrown his hat into the “buy TikTok from the CCP” ring. The billionaire is hoping to turn TikTok into a decentralized app that would be hosted on his decentralized platform Polkadot.
From the press release announcing the bid: … Project Liberty is organizing a bid to acquire the popular social media platform TikTok in the U.S., with the goal of placing people and data empowerment at the center of the platform’s design and purpose… this bid for TikTok offers an innovative, alternative vision for the platform’s infrastructure – one that allows people to reclaim agency over their digital identities and data by proposing to migrate the platform to a new digital open-source protocol.
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Excerpt from www.crypto-news-flash.com
- Billionaire Frank McCourt is among the parties who have put in a bid for TikTok in the US, and there are reports that he could decentralize the social media giant on Polkadot.
- McCourt is an outspoken critic of Big Tech and has been calling for users to own their data for years, lending credence to the reports about a big shift in TikTok America’s model.
The future of TikTok in the US could be decentralized, and Polkadot is leading the way to become the network that anchors the social media app with 170 million American users.
Frank McCourt, the real estate billionaire renowned as the former owner of Major League Baseball franchise LA Dodgers, is among the parties interested in purchasing the American operations of the Chinese company. TikTok has been forced into a sale by the Biden administration, which has accused the company of cannibalizing Americans’ data for the Chinese government. It’s not the first attempt to sell off the company to American owners, with a previous push by the Trump administration falling through.
McCourt is leading a consortium of individuals and corporations under his Project Liberty umbrella. He has brought on Guggenheim Securities as the investment bank and Kirkland Ellis as the law firm that will take charge of the deal. He says he has been in talks with several interested parties to partner up on the sale, hinting that participation could be open to the public.
An outspoken critic of the data silo model of Big Tech, McCourt told one news outlet that he intends to rebuild the social media platform as “a new and better version of the internet where individuals are respected, and they own and control their identity and their data.”