Billionaire Frank McCourt has launched a bid for TikTok’s US business
Frank McCourt, entrepreneur and former owner of the Los Angeles Dodgers, and his consortium of partners in The People’s Bid stated on Thursday that they want to make a formal bid to ByteDance for TikTok’s U.S. assets.
The action comes ahead of ByteDance’s Jan. 19 deadline to sell the platform or face a ban under a statute signed by President Joe Biden on April 24.
The consortium, which did not disclose the proposal’s value, stated that the financial capacity to complete the transaction included expressions of interest from investors, including major private equity funds, family offices, and high net worth individuals, for adequate equity capital, as well as debt financing from one of the largest US banks.
