Ahead of January 19 Deadline, Project Liberty Announces a Formal Offer to Acquire TikTok U.S.

Spearheaded by Project Liberty Founder Frank McCourt, The People's Bid for TikTok aims to relaunch the platform on a new, American-made digital infrastructure

Positions TikTok as the focal point of an innovative, alternative social media infrastructure

Accomplishes policy goals of Congress, avoids platform ban, limits disruption for TikTokers, and offers speed and certainty for ByteDance and its stakeholders

NEW YORK, Jan. 9, 2025 /PRNewswire/ -- Today, Project Liberty and its consortium of partners in The People's Bid announced they've delivered a proposal to ByteDance to acquire TikTok's U.S. assets. The proposal aims to preserve the platform's vibrant community, while also giving 170 million American TikTokers the ability to control, protect, and benefit from their data.

"We've put forward a proposal to ByteDance to realize Project Liberty's vision for a reimagined TikTok – one built on an American-made tech stack that puts people first," said Frank McCourt, Founder of Project Liberty. "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."

Project Liberty plans to migrate TikTok's user base to groundbreaking, American-built digital infrastructure that is designed to put people back in charge of their data and relationships. The transition to this new infrastructure would be designed to minimize interruption for TikTokers and prioritize privacy and trust on the platform. Project Liberty and its consortium are uniquely positioned to execute this vision with:

• The financial capacity to complete the transaction, including expressions of interest from investors, including major private equity funds, family offices, and high net worth individuals for adequate equity capital; and debt financing from one of the largest banks in the United States
  
  
• Support from TikTok creators, who are eager to continue engaging with a platform where they can control their data and determine how their content and information is used; and
  
  
• Extensive backing from leading legal and financial advisors with strong experience navigating complex, high-stakes transactions on expedited timelines.

The proposal is the result of work by The People's Bid for TikTok, an effort to bring together a broad coalition of technologists, investors, community leaders, business owners, creators, parents, and everyday citizens to reimagine TikTok and give Americans a voice, choice, and stake in the platform's future. Most recently, Project Liberty announced the addition of Kevin O'Leary, a world-renowned investor and entrepreneur, as a partner and advocate of The People's Bid.

"I've spoken to all the potential bidders, and it's clear to me that Frank McCourt and Project Liberty are the team to get this done," said Kevin O'Leary, Chairman of O'Leary Ventures. "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."

"Project Liberty is the right buyer for TikTok's U.S. business. We have the technology, resources, and team to complete a deal and protect TikTok's position as a cultural cornerstone of the internet," said Tomicah Tillemann, President of Project Liberty. "While we respect ByteDance's position to explore all legal options to retain its business in the United States, we believe that we are offering an alternative path that compensates its owners fairly and allows creators and small businesses to continue thriving. We will refrain from publicly sharing the financial specifics of our offer until ByteDance is in a position to review our proposal. We believe our bid is the right path forward for the millions of Americans who want to continue using TikTok."

For more information about Project Liberty and The People's Bid for TikTok, please visit https://www.projectliberty.io/peoples-bid-for-tiktok.

About Project Liberty

Project Liberty is leading the movement to give people back control of their lives in the digital age by ensuring they have a voice, choice, and stake in a better internet. Started in 2019 and publicly launched in 2021 by civic entrepreneur Frank McCourt and supported by a $500-million commitment, Project Liberty includes the work of the Project Liberty Institute—a 501(c)(3) with an international partner network that includes Georgetown University, Stanford University, ETH Zurich, and other leading academic institutions and civic organizations—and a technological team that is focused on developing the next generation of digital infrastructure. Project Liberty's activities include the release of the Decentralized Social Networking Protocol (DSNP), which is stewarded by the Institute and freely available as a piece of digital public infrastructure. DSNP serves as the bedrock of a more equitable web enabling a new era of innovation that empowers people over platforms and serves the common good.

SOURCE Project Liberty