US billionaire businessman Frank McCourt is crafting a fundamental overhaul of TikTok’s business model as part of a plan to bid for the Chinese-owned short-form video app, he told Reuters.
McCourt, who formerly owned the Los Angeles Dodgers baseball team, said he has received verbal funding commitments totaling $20 billion from a consortium of investors to rescue the app from legal purgatory as it awaits a Supreme Court decision to determine if it will be forced to sell its US operations.
His vision for TikTok includes revamping the company’s advertising model so that users will have control over the ads and type of content they want to see.
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