Reddit’s co-founder, Alexis Ohanian, has stepped into the limelight as a strategic advisor for billionaire Frank McCourt’s endeavor to procure TikTok. McCourt’s initiative, named Project Liberty, revealed this new development, highlighting Ohanian’s involvement in a collective effort titled “The People’s Bid for TikTok.” Ohanian, who is also an investor and the husband of tennis legend Serena Williams, announced his participation.
Ohanian expressed his involvement by stating that he is now one of the individuals aiming to purchase TikTok’s U.S. operations, intending to integrate the platform with blockchain technology. Project Liberty plans to leverage this decentralized framework to enhance user control over their digital data. The proposed strategy centers on using this technology to reshape TikTok, embedding privacy, security, and digital autonomy as core elements instead of optional features. Asked about a potential new name for TikTok, Ohanian humorously suggested “TikTok: Freedom Edition.”
A federal mandate, passed with bipartisan backing and enacted by President Joe Biden last year, compelled TikTok to sever its connections with its China-based parent company, ByteDance, or risk a ban by January 19. Former President Donald Trump extended the deadline, granting TikTok time until early April to secure new ownership.
Frank McCourt’s consortium, which notably includes Kevin O’Leary of “Shark Tank” fame, has put forth a staggering $20 billion proposition in cash for TikTok’s U.S. segment. While some valuation experts believe TikTok could be worth substantially more, even without its much-coveted algorithm, McCourt has openly stated his interests lie elsewhere.
Meanwhile, various other parties have shown interest in acquiring TikTok. According to Trump, Microsoft is among the U.S. companies considering an ownership stake. Furthermore, the AI startup Perplexity AI has suggested a merger with TikTok’s U.S. branch, promising to incorporate a government stake in this new entity. Entrepreneur Jesse Tinsley of payroll company Employer.com has also thrown his hat into the ring, collaborating with notable industry figures, including the CEO of Roblox. This group reportedly offers ByteDance in excess of $30 billion for TikTok.
