American Billionaire Frank McCourt's Organization Partners with Guggenheim to Acquire TikTok's US Business
TapTechNews May 16th news, according to The New York Times reported on Wednesday local time, American billionaire Frank McCourt announced that his organization Project Liberty is working with investment bank Guggenheim Partners to form a consortium to acquire TikTok's business in the United States.
TapTechNews note: Frank McCourt is a American real estate tycoon and former owner of the Los Angeles Dodgers in Major League Baseball (MLB).
McCourt stated in the announcement that if the acquisition is successful, he plans to reorganize TikTok to give individual users more control over their digital identities and data. He said that he does not use TikTok personally, but his companies and focus in internet business will use it.
Currently, there are several interested parties trying to bid for TikTok's US business, including former US Treasury Secretary Mnuchin and Kevin O'Leary, Chairman of O'Shares ETFs and veteran of the reality show Shark Tank. However, TikTok's parent company ByteDance has stated that they have no intention to sell.
According to TapTechNews previous report, on May 7th, TikTok and ByteDance filed a lawsuit in the United States Court of Appeals for the District of Columbia seeking to block the TikTok-related act signed by President Biden. The terms of the act require ByteDance to divest its US business within about 9 months, or face a national ban in the United States. The lawsuit alleges that the US Congress has taken unprecedented action to single out and ban TikTok, and describes this action as unconstitutional.
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TikTok sues to challenge Biden administration divestiture law: 'sell or be banned' violates the First Amendment of the US Constitution