Billionaire McCourt open to keeping existing investors

17/1/2025 6:12

Businessman Frank McCourt is

"open-minded" to keeping TikTok's existing investors, including

the founder, involved after any deal to buy the U.S. operations

of the Chinese-owned short-form video app, the U.S. billionaire

told Reuters on Thursday.



McCourt said in an interview his consortium has made a

formal offer to buy TikTok from its Chinese parent company

ByteDance, confirming reports that it values the app without its

algorithm at around $20 billion.



The bid is not dependent on the involvement of U.S.

investment firms such as General Atlantic, Susquehanna and

Sequoia Capital that own stakes in ByteDance.



"We're also commercial and open-minded to keeping existing

investors involved, including the founder," said McCourt, who,

together with his firm Project Liberty, formed a consortium last

year to attempt to buy the social media platform's U.S.

operations.



The involvement of ByteDance founder Zhang Yiming would be

subject to approval by the Committee on Foreign Investment in

the United States.



ByteDance did not immediately respond to a request for

comment.



McCourt said Project Liberty has developed technology that

will address the national security concerns that led Congress to

adopt legislation calling for ByteDance to divest its ownership

of TikTok by Sunday, or face a ban in the U.S.



U.S. President-elect Donald Trump's incoming national

security adviser said on Thursday the new administration will

keep TikTok alive in the United States if there is a viable

deal.