Billionaire Frank McCourt’s non-profit organization, Project Liberty, is collaborating with Guggenheim Securities, Kirkland & Ellis, and other partners to facilitate the transition of TikTok to a digital open-source platform. Project Liberty, founded by US entrepreneur Frank McCourt, is spearheading a consortium to pursue the acquisition of TikTok’s operations in the United States.
McCourt, the chairman of McCourt Global and former owner of the Los Angeles Dodgers baseball team, announced on Wednesday that Project Liberty, a $500-million initiative launched publicly in 2021, is interested in acquiring the US unit of the Chinese social media platform.
Describing itself as a movement advocating for “a more open, inclusive, and responsible internet,” Project Liberty’s move comes in response to recent legislative developments. Three weeks ago, US President Joe Biden signed a divestment law requiring TikTok’s owner, the Chinese tech conglomerate ByteDance, to sell TikTok’s US operations by January 19 next year or face a ban.
The legislation was passed amid concerns that the Chinese government could access Americans’ data or conduct surveillance through the app. While the White House expressed a desire to end Chinese-based ownership on national security grounds, it did not advocate for a ban on TikTok.
Project Liberty, in collaboration with Guggenheim Securities, law firm Kirkland & Ellis, and various technological and academic partners, has proposed migrating the platform to a digital open-source protocol. The initiative boasts an international partner network that includes Georgetown University, Stanford University, Sciences Po, and other leading academic institutions and civic organizations, alongside a technological team focused on developing the next generation of digital infrastructure.
Among its recent endeavors, Project Liberty launched the Decentralized Social Networking Protocol (DSNP) in 2021. This protocol is described as “a piece of digital public infrastructure which will serve as the bedrock of a more equitable web and support a new era of innovation that empowers people over platforms and serves the common good.” The DSNP aims to establish a shared social graph that is not reliant on a specific application or centralized platform.
About Project Liberty
Project Liberty is leading a movement of people who want to take back control of their lives in the digital age by reclaiming a voice, choice, and stake in a better internet.
Project Liberty is mobilizing a global alliance of technologists, academics, policymakers, social innovators and citizens to enhance digital governance, share the latest research on responsible technology and build a more open internet infrastructure.