"Project Liberty, a non-profit initiative that seeks to transform how the internet works, teamed with several private equity funds, "Shark Tank" judge Kevin O'Leary, Reddit cofounder Alexis Ohanian and others to, submit a bid to buy TikTok in the weeks before Donald Trump took office. That offer proposed buying TikTok without its algorithm, which China had been unwilling to allow to be sold previously."
"The Project Liberty offer, which called itself the People's Bid for TikTok, valued TikTok's American operations (without the algorithm) at $20 billion - $6 billion more than the deal brokered by the White House. The group said it planned to restructure the social media company to collect less data on users and would use a new algorithm created by the Project Liberty nonprofit instead."
Frank McCourt is examining the legality of the Trump administration's proposed TikTok sale to a coalition reportedly including Oracle, Silver Lake and MGX. McCourt has not yet committed to a legal challenge or joining the ownership group, but says publicly released information is insufficient and does not resolve national security concerns. The U.S. sale remains in limbo amid broader China-U.S. trade and rare-earth tensions. McCourt has engaged experts to analyze the deal. Separately, Project Liberty and partners submitted a higher bid to buy TikTok's U.S. operations without the algorithm and would limit data collection while using a new algorithm.
Read at Fast Company
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