Project Liberty Proposes The Purchase Of TikTok Assets In The US
JAKARTA Project Liberty, billionaire Frank McCort's international non-profit, plans to buy TikTok assets in the US. They have submitted an official offer to ByteDance on January 9.
In fact, Frank has been planning to buy TikTok since May last year, shortly after TikTok and ByteDance filed a lawsuit to block US government regulations. However, at that time Frank said that he only bought if the platform was sold.
The former Los Angelescus owner wants to build a consortium for the TikTok business. Frank also admitted that he was not interested in the algorithm underlying TikTok, but the billionaire was interested in building an alternative web that users could freely control.
Until now, TikTok is still with its stance. They don't want to separate from their parent company in China. In fact, TikTok openly supports Elected President Donald Trump and asks for protection from the former president.
Although there is no intention of separating from ByteDance, Frank still seems to want to buy the video distribution platform. It's not clear how much Frank's proposal value is, but the value is expected to be enough to finalize the deal.
The reason is, this proposal includes statements of interest from investors, including large private equity funds, family offices, to individuals with the highest net worth. The proposed nominal also accompanies debt financing to one of the largest banks in the US.
"By keeping this platform active without relying on TikTok's current algorithms and avoiding bans, millions of Americans can continue to enjoy this platform," Frank said in a statement.
Frank is trying to convince him that selling TikTok in the US to him is the best option. The billionaire also said that his party, "hopefully it can work with ByteDance, President-elect Trump, and future governments."