Frank McCourt’s Project Liberty and other investors have submitted a bid to buy TikTok from China-based ByteDance after a court-ordered divestiture or shutdown.

Billionaire Frank McCourt says he is open to others joining his bid for U.S. TikTok, January 23, 2025. "If, as things evolve, there are other financial arrangements, we don't need to own 100 percent of TikTok.

The billionaire declined to share details on his sources of financing, but said private equity firms and family offices have reached out.

U.S. businessman Frank McCourt is open to teaming up with other buyers on a bid to take over the U.S. operations of TikTok as long as he can maintain control of the asset, he told Reuters at the Davos event on Thursday.

TikTok finds itself in Penelope’s position now—suitors are lining up to buy the social media site as it remains missing from the App Store and Google Play. Without a suitable buyer, American tech companies face big fines if the app returns.