US billionaire targets US$20 billion TikTok buyout before deadline

US real estate billionaire Frank McCourt is reportedly preparing a US$20 billion (HK$156 billion) bid for TikTok, with just days remaining before the Washington's June 19 deadline for a TikTok divestment.

In an interview with Forbes, McCourt emphasized that he is not seeking to gain profit or power through TikTok.

If successful, he plans to migrate TikTok’s US users to a decentralized social networking protocol – an open-source infrastructure aimed to give users control over their data and digital identities – and move away from reliance on TikTok’s algorithms.

The Wall Street Journal previously reported that US President Donald Trump is considering a further extension for the approaching deadline, which would mark the third delay, to give ByteDance and American bidders more time to finalize a potential deal.

STAFF REPORTER