US Real Estate Billionaire Wants to Buy TikTok to Rescue Internet From Big Tech

US real estate billionaire Frank McCourt has expressed interest in acquiring TikTok, driven by his deep concerns about the societal impact of major tech platforms.

According to AFP, McCourt, known for owning the Los Angeles Dodgers and Olympique de Marseille, sees TikTok as a pivotal opportunity to reshape the internet landscape away from what he perceives as harmful influences propagated by platforms like Instagram and YouTube.

US Real Estate Billionaire Frank McCourt Wants to Acquire TikTok

Speaking at the Collision tech conference in Toronto, Canada, this week, Frank McCourt criticized big tech's algorithms for allegedly exacerbating societal tensions and polarization, citing examples like political upheaval in France as evidence of their divisive impact.

He believes these platforms manipulate users and maintain them in constant agitation, which he views as detrimental to societal well-being. McCourt's motivation stemmed partly from personal concerns for his own children, whom he believes are at risk from the predatory nature of the internet.

He cited issues such as increased anxiety, depression, and even suicides among young people, attributing these problems to the influence of social media platforms. To combat these issues, McCourt advocated for a "new internet" that decentralizes control and gives users ownership over their data.

He envisioned an open-source protocol in which individuals have more autonomy, regardless of which social media platform they use. Buying TikTok would significantly bolster McCourt's ambitious initiative, known as Project Liberty, which aims to overhaul the current digital landscape.

Project Liberty has garnered support from influential figures like internet pioneer Tim Berners-Lee and NYU professor Jonathan Haidt, who pushed for better safeguards against the harmful effects of social media on youth.

Will TikTok Ever Find a Non-Chinese Buyer?

Interestingly, Frank McCourt is not the only prominent figure eyeing TikTok. Former US Treasury Secretary Steve Mnuchin is also exploring options to acquire the platform.

These efforts come amid US regulatory pressure on TikTok, which is mandated to find a non-Chinese buyer or potentially face a ban due to national security concerns.

However, the road ahead for McCourt and other potential buyers is fraught with challenges. TikTok's parent company, ByteDance, is contesting the US government's divestiture order in court.

Moreover, the Chinese government has expressed resistance to the forced sale of TikTok, viewing it as an infringement on its tech sovereignty. Despite these hurdles, McCourt remained steadfast in his belief that TikTok's scrutiny serves as a wake-up call regarding data privacy and security issues inherent in digital platforms.

He asserted that tech giants' handling of user data, regardless of geographic location, raises democratic concerns and underscores the need for a more transparent and accountable internet ecosystem.