• About
  • Advertise
  • Careers
  • Contact Us
Monday, June 23, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home News

US Group Offers to Buy TikTok to Prevent Ban

by Joan Aimuengheuwa
January 9, 2025
in News
0
US Group Offers to Buy TikTok to Prevent Ban
Source: Shutterstock/QubixStudio

Source: Shutterstock/QubixStudio

UBA
Advertisements

An American consortium led by entrepreneur Frank McCourt has proposed to acquire the US operations of TikTok from its Chinese parent company, ByteDance. 

This proposal comes ahead of the January 19 deadline, after which the platform faces a possible ban under legislation signed by President Joe Biden in April.

McCourt, through his organisation Project Liberty, spearheaded the move alongside a coalition of partners under “The People’s Bid”. 

The consortium has not disclosed the financial details of the proposal but claims to have secured the backing of well-known private equity funds, family offices, and high-net-worth individuals. They have also secured debt financing commitments from a leading US bank to support the transaction.

In a statement, McCourt noted the importance of preserving TikTok’s operations in the US while ensuring data privacy and user control. “By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform. We look forward to working with ByteDance, President-elect Trump, and the incoming administration to get this deal done,” he said.

The proposal includes plans to migrate TikTok’s 170 million US users to an American-built technological framework, which the consortium believes will prioritise data security and minimise disruption to users. 

Kevin O’Leary, an investor and “Shark Tank” star who recently joined the effort, said: “This is the bid that can save TikTok. Project Liberty has brought together the right people, the right vision, and the right technology to avoid a ban. It is a win for all Americans,” O’Leary stated.

The federal law mandating ByteDance to sell TikTok’s US assets or face a ban has prompted legal and political opinions. Former President Donald Trump’s administration had previously sought to ban TikTok over national security issues, and while Trump’s current stand favours resolving the matter diplomatically, the legal challenges persist.

A recent decision by the US Court of Appeals upheld the potential ban, and ByteDance continues to argue that the legislation infringes on First Amendment rights.

Tomicah Tillemann, president of Project Liberty, spoke on the vision of the bid, describing it as a solution to preserve TikTok’s cultural and economic contributions while meeting national security requirements.

“We respect ByteDance’s position to explore legal options, but we believe our bid offers a fair path forward that compensates its owners and ensures TikTok’s continued success in the United States,” he said.

Loading

Advertisements
MTN ADS

0Shares
Tags: ByteDanceFrank McCourtKevin O’LearyPresident Joe BidenThe People’s BidTikTokTikTok BanTomicah Tillemann
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Oliver Alawuba GMD of UBA Plc - KPMG

UBA Ranks Top 5 in KPMG Banking Survey for Customer Experience, Excelling in SME, Retail Banking

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Nigeria Computer Society Inducts 854 New Members

3 years ago
How Startups can Stay Resilient during Economic Recession

How Startups can Stay Resilient during Economic Recession

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.