Benzinga
  • 6 hours ago
Billionaire Frank McCourt's Project Liberty has submitted a proposal to buy TikTok from ByteDance ahead of a U.S. ban set to take effect in 10 days. The proposal aims to migrate the app to an American-owned, open-source platform prioritizing user data safety. ByteDance has received the proposal, though financial terms were not disclosed. The initiative seeks to prevent the app's ban under the Protecting Americans from Foreign Adversary Controlled Applications Act. The law, signed by President Joe Biden, prohibits TikTok's operation under Chinese ownership, citing national security risks.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Billionaire Frank McCord's Project Liberty has submitted a proposal to buy TikTok from ByteDance
00:07out of a US ban set to take effect in 10 days. Proposal aims to migrate the app to an American
00:12owned open source platform prioritizing user data safety. ByteDance has received the proposal,
00:18though financial terms were not disclosed. The initiative seeks to prevent the app's ban under
00:22the Protecting Americans from Foreign Adversary Controlled Applications Act.
00:27The law signed by President Joe Biden prohibits TikTok's operation
00:31under Chinese ownership citing national security risks.
00:34For all things money, visit Benzinga.com slash GSTV.

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