With a possible ban on TikTok in the U.S. on the horizon, Frank McCourt, billionaire and former owner of the Los Angeles Dodgers, has confirmed that Project Liberty has made a formal bid to ByteDance, the parent company of TikTok, for the social media platform’s American assets.

Project Liberty announced its offer on Thursday, just before the deadline of January 19, when ByteDance must either sell TikTok or face a ban citing national security concerns.

In a statement, Tomicah Tillemann, President of Project Liberty, stated that the organization will not reveal the specifics of the bid, although they have previously indicated securing $20 billion in verbal commitments from potential investors interested in TikTok.

Last year, President Joe Biden enacted a law mandating the sale of the app’s U.S. units if it remains foreign-owned. The legislation, which received strong bipartisan approval, was driven by concerns about potential surveillance and covert operations by the Chinese government affecting more than 170 million American TikTok users.

TikTok has consistently claimed that it does not threaten national security and that banning the app would violate First Amendment rights in the U.S. Constitution.

On Friday, the Supreme Court heard discussions from TikTok and the government regarding the impending ban, which President-elect Donald Trump recently publicly opposed.

At the end of December, Trump urged the Supreme Court to postpone the January 19 deadline, allowing his incoming administration to seek a diplomatic resolution regarding the case.

YSL News reached out to TikTok for a comment, but the company has not yet responded regarding the bid.

What would Project Liberty acquire?

Should Project Liberty take over TikTok, they would only acquire the American segments of the app, without access to its underlying algorithm, which is considered intellectual property by China, as stated by McCourt in a CBS interview.

The nonprofit aims to shift TikTok’s user base to a digital framework created in America, designed to empower users over their personal data, according to the announcement made Thursday.

Who is Project Liberty’s founder?

Project Liberty was founded by McCourt in 2021 with a $100 million investment, which he later increased to $500 million in 2023, as described by Anna Feagan, communications director for McCourt Global.

“The internet is in disarray and requires urgent repair,” stated McCourt in a declaration on Project Liberty’s website. “Our most valued institutions and principles are being undermined by free apps that exploit our personal information and digital identities.”

Although TikTok has stated they are not contemplating a sale, McCourt believes that ByteDance would be more amenable to negotiations if the Supreme Court decides to terminate its U.S. operations, according to Reuters.

McCourt and his team have reportedly engaged in “initial discussions” with members of the new administration, aiming to reach a resolution before the app might be discontinued.

“By preserving the platform without depending on the current TikTok algorithm and avoiding a ban, we can allow millions of Americans to continue using TikTok. We are eager to collaborate with ByteDance, President-elect Trump, and the incoming administration to finalize this deal,” McCourt expressed.