Billionaire Frank McCourt has reportedly secured $20 billion in investor commitments toward a potential acquisition of China-owned TikTok – an effort that could gain steam after a federal appeals court upheld Congress’s law requiring a sale of the app on Friday.
McCourt’s Project Liberty – a internet-focused firm that includes a for-profit arm and a non-profit research institute – has secured “informal commitments of more than $20 billion of capital,” Axios reported. The group is reportedly set to host an investor roadshow in New York and San Francisco next week to rally more support.
McCourt said his group “is uniquely positioned to assume stewardship of TikTok” and would prioritize user safety if a transaction was completed.
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