Reddit co-founder Alexis Ohanian has joined billionaire Frank McCourt’s bid to acquire TikTok as a strategic adviser. McCourt’s internet advocacy organization, Project Liberty, announced this week that Ohanian had joined a consortium called “The People’s Bid for TikTok.” Ohanian stated that he is now one of the people trying to buy TikTok US and bring it on-chain, referencing a decentralized, blockchain-based platform that Project Liberty plans to leverage to provide users more control over their online data.
Project Liberty aims to use this technology as the backbone of the redesigned TikTok, ensuring that privacy, security, and digital independence are foundational aspects of the platform. Under a federal bill passed in 2021, TikTok was required to cut ties with its China-based parent company, ByteDance, or face a ban by January 19. President Donald Trump extended the deadline for TikTok to find new ownership until early April, and McCourt’s consortium has offered $20 billion in cash for the U.S. platform.
While Microsoft is among the U.S. companies interested in acquiring TikTok, McCourt’s consortium, which includes Shark Tank star Kevin O’Leary, has expressed interest in acquiring the platform. Ohanian suggested that if he were to purchase TikTok, he would call it “TikTok: Freedom Edition.” Some analysts estimate that TikTok could be worth more than $20 billion, even without its algorithm, which McCourt has stated he is not interested in. Other contenders looking to acquire TikTok include the artificial intelligence startup Perplexity AI, which has proposed merging its business with TikTok’s U.S. platform.
The involvement of Ohanian and McCourt in the bid for TikTok reflects a growing interest in the future of social media platforms and the importance of privacy and digital independence for users. By leveraging blockchain technology, Project Liberty aims to provide users with more control over their online data and ensure that privacy and security are prioritized in the redesigned TikTok. With the deadline for TikTok to find new ownership approaching, the competition among potential buyers, including Microsoft and other companies, highlights the value of the platform and its potential for growth in the future. Ohanian’s participation in the bid adds a new dimension to the effort to acquire TikTok and reshape it as a platform that prioritizes freedom and user control.
