AsianFin -- A consortium led by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has submitted an official proposal to acquire TikTok’s US operations from its China-based parent company, ByteDance.
The group, known as The People’s Bid for TikTok, includes high-profile backers such as Kevin O’Leary, renowned investor and “Shark Tank” star. The consortium announced on Thursday that it had formally presented its offer to ByteDance, though the financial details of the bid remain undisclosed.
This move comes just a day before the US Supreme Court is scheduled to hear arguments on a controversial law that could lead to TikTok’s ban in the United States starting January 19 unless it is divested from ByteDance. TikTok has mounted a legal challenge against the legislation, escalating the stakes surrounding the app’s future in the US market.
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