According to Odaily Planet Daily, American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's decentralized social network protocol (DSNP). This initiative is called "people's bid" and represents the interests of several American companies on the platform. McCourt is working with investment bank Guggenheim Securities and law firm Kirkland & Ellis on this business.
McCourt emphasized in a press statement that the bid aims to empower users by migrating TikTok to an open source protocol, restore control over digital identity and data, and give Americans a significant voice and stake in the future of the network. McCourt plans to rebuild TikTok with DSNP, which will utilize the Polkadot parachain social platform Frequency.
