Businessman Frank McCourt is “open-minded” to preserving TikTok’s present buyers, together with the founder, concerned after any deal to purchase the US operations of the Chinese language-owned short-form video app, the US billionaire informed Reuters on Thursday.
McCourt mentioned in an interview his consortium has made a proper provide to purchase TikTok from its Chinese language mum or dad firm ByteDance, confirming reviews that it values the app with out its algorithm at round US$20 billion.
The bid shouldn’t be depending on the involvement of US funding corporations equivalent to Common Atlantic, Susquehanna and Sequoia Capital that personal stakes in ByteDance.
“We’re additionally business and open-minded to preserving present buyers concerned, together with the founder,” mentioned McCourt, who, collectively along with his agency Mission Liberty, shaped a consortium final 12 months to try to purchase the social media platform’s US operations.
The involvement of ByteDance founder Zhang Yiming can be topic to approval by the Committee on Overseas Funding in the US.
ByteDance didn’t instantly reply to a request for remark.
McCourt mentioned Mission Liberty has developed expertise that can handle the nationwide safety issues that led Congress to undertake laws calling for ByteDance to divest its possession of TikTok by Sunday, or face a ban within the US
US President-elect Donald Trump’s incoming nationwide safety adviser mentioned on Thursday the brand new administration will preserve TikTok alive in the US if there’s a viable deal.
