PANews reported on May 21 that according to CryptoSlate, American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's decentralized social network protocol (DSNP). McCourt's initiative is called "people's bid" and represents one of several American corporate interests in the platform. He 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. The move is intended to restore control over digital identity and data, giving 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.