A group led by billionaire entrepreneur and former Los Angeles Dodgers owner has formally offered to purchase TikTok from its Chinese parent company, ByteDance. The bid, known as The People's Bid for TikTok and supported by investor Kevin O'Leary, submitted a proposal to acquire TikTok's US assets without disclosing the offer's value.
This move comes ahead of a Supreme Court hearing on a law that could ban TikTok in the US starting January 19 if not sold, following a legal challenge from the social media company. However, ByteDance has consistently stated that TikTok is not for sale.
TikTok faces a potential ban in the US, with the final effort to argue its case before the Supreme Court scheduled for Friday. If unsuccessful, a law mandating TikTok's separation from its Chinese parent company or facing a US ban will take effect on January 19.
ByteDance previously dismissed rumors of exploring a sale and affirmed no intentions to sell TikTok. The People's Bid, supported by Guggenheim Securities and notable figures like Tim Berners-Lee, aims to acquire the US version of TikTok without its algorithm and rebuild it using American technology.
The group plans to collaborate with President-elect Trump to finalize the deal, emphasizing continuity for TikTok users and prioritizing privacy and trust on the platform. Despite concerns about the app's success without its algorithm, the group remains confident in their ability to make TikTok thrive without it.
