The group was formed in January by real estate tycoon Frank McCourt, former owner of the Los Angeles Dodgers, to acquireTikTok's U.S. operationsProject Liberty, a bidding team, has recently been reported to be the co-founder of Reddit and venture capitalist Alexis Ohanian.Join this team, and serves as a strategic advisor.
Frank McCourt said in January this year that he planned to participate in the bidding for TikTok's US business. He also explained his financing method, his ideas for this business, and how it complies with the US government's corresponding approach regarding national security issues regarding this business.
Alexis Ohanian has joined the Project Liberty bidding team. Frank McCourt said that Alexis Ohanian's profound insights on social platforms will help promote Project Liberty's support for bidding for TikTok's US business. It also means that by bidding for TikTok's US business, Americans will have more control over their personal data.
ByteDance has not yet confirmed how TikTok's US business will continue to exist, but it is possible that it will continue to exist by selling a certain amount of equity or allowing a US-based business to hold at least 50% of the equity by establishing a new joint venture. However, under the pressure of domestic Chinese regulations and related opinions, it seems difficult for ByteDance to continue to use this method to keep TikTok's US business.
