American billionaire Frank McCourt - who is said to be buying TikTok - will change the company's advertising model so that users have control over the ads and the type of content they want to see.
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| US President Joe Biden has signed a law forcing China-based ByteDance to complete its divestment of TikTok by January 19, 2025. |
Billionaire American entrepreneur Frank McCourt is planning a fundamental restructuring of TikTok's business model as part of a planned takeover bid for the Chinese-owned short-form video app.
Mr. McCourt, who once owned the Los Angeles Dodgers baseball team, said he had received $20 billion in capital commitments from a coalition of investors in an effort to “rescue” TikTok as the app awaits a Supreme Court decision on whether it will be forced to sell its U.S. operations.
Mr. McCourt said his team is also in discussions with potential candidates for the CEO position of the new TikTok. A person familiar with the matter said the group has approached Mr. V. Pappas, the former CEO of TikTok.
McCourt’s plan for TikTok also includes moving the app’s technology to an open-source protocol developed by Project Liberty, an organization McCourt founded, that would allow users to control their data and easily move it elsewhere on the internet.
However, the plan faces a number of obstacles, including TikTok's repeated assertions that it cannot separate from its owner, Chinese tech company ByteDance.
TikTok's appeal to the Supreme Court is a last-ditch effort to overturn a law signed by US President Joe Biden.
President Joe Biden signed the Protecting Americans from Foreign-Controlled Apps Act (PAFACA) into law on April 24, 2024. The law requires ByteDance, a Chinese-based company, to complete its divestment of TikTok by January 19, 2025. If ByteDance fails to transfer ownership, TikTok will face a ban across the United States.
Mr. McCourt said he and his team have had “preliminary discussions” with members of the incoming administration of President-elect Donald Trump. Mr. Trump tried to ban TikTok in 2020 but later changed his mind.
Source: https://baoquocte.vn/ty-phu-my-tiet-lo-ke-hoach-se-cai-to-ung-dung-tiktok-298251.html
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