Billionaire Frank McCourt, founder of Project Liberty and a longtime critic of how technology companies use data, has built a coalition of investors that has made informal commitments of more than $20 billion of capital to buy TikTok, Axios reported Thursday.
“This landmark acquisition would catalyze our long-committed desire to usher in the era of an upgraded internet — one that prioritizes safety, democracy, and civil discourse,” McCourt told Axios in a statement. “The technology we are building respects individuals by returning to them ownership and control of their identity and their data, not by surveilling them.”
TikTok owner ByteDance, which allegedly has ties to the Chinese Communist Party, is facing a congressionally mandated deadline to sell the popular video app or risk having it banned in the U.S. Concerns have grown that the CCP is using TikTok’s algorithm to gather sensitive data on Americans.
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