Alexis Ohanian joins the bid to acquire TikTok before the U.S. ban deadline.
Joins the founder of Project Liberty, Frank McCourt.
A new player has joined the efforts to acquire TikTok and maintain its operation in the United States. Alexis Ohanian, co-founder of Reddit and venture capitalist, is teaming up with businessman Frank McCourt in his attempt to buy the platform. McCourt noted that Ohanian’s extensive experience in social media will enable him to assist with the bid by providing a clear understanding of the sector's evolution.
Ohanian shared a screenshot of the article announcing his participation on his Instagram stories, expressing his readiness to acquire TikTok in the U.S. and reaffirming his commitment to the project. McCourt indicated that Ohanian can validate and socialize the work they are undertaking. He emphasized that the project has sophisticated technology at its core, which necessitates demonstrating the validity of that technology to a specific audience.
McCourt is known for founding Project Liberty, which offered $20 billion in cash to ByteDance, dubbed "The People’s Bid for TikTok." Canadian investor and Shark Tank figure Kevin O’Leary is also participating in the bid, which is taking place within a context where investors are trying to secure a stake in TikTok before a ban is implemented.
This move comes after the Supreme Court's decision to uphold the TikTok ban imposed during the presidency of Joe Biden, although the Trump administration extended the deadline before the law went into effect. Currently, the app remains operational and available in app stores, at least until the extension expires on April 5. Although TikTok has stated that it does not wish to sell, the most likely way to avoid a ban in the U.S. would be through an acquisition by another company.
