Billionaire Frank Mccourt And Kevin O'leary Seek To Acquire Tiktok

A group led by billionaire businessman and former Los Angeles Dodgers owner Frank McCourt has formally offered to purchase TikTok from its parent firm, ByteDance , which is based in China.

The group, which goes by the name The Peoples Bid for TikTok and is supported by Kevin OLeary , a well-known investor from Shark Tank, announced on Thursday that it has presented ByteDance with a proposal to buy TikToks US assets. The offers value was not disclosed.

Following a legal challenge by the social media business, the bid is made only one day before the Supreme Court is scheduled to hear oral arguments regarding whether to uphold legislation that will ban TikTok in the United States beginning January 19 if it is not sold.

However, ByteDance has stated repeatedly that TikTok is not for sale, which could pose a serious obstacle to the plan.

ByteDance put an end to rumours that it was considering a sale of TikTok after President Joe Biden approved the legislation that might prohibit the app in April. The company stated that it had no plans to sell the service. The corporation claimed that the law will take effect on January 19, 2025, shutting down TikTok for its more than 170 million monthly American users in a filing to the Supreme Court, arguing that it would violate the platforms and its users first amendment rights.