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Frank McCourt, the billionaire who wants to buy TikTok, says the path to a sale is murky because 'we don't know what ByteDance is selling'

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Frank McCourt, a billionaire who wants to buy TikTok, told BI that the details of a potential sale of the app are made murky by ByteDance's secrecy.
Frank McCourt, a billionaire and former owner of the Los Angeles Dodgers, is actively pursuing the acquisition of TikTok's US operations from ByteDance, amidst concerns over national security and data privacy. His interest in TikTok aligns with his broader mission to reform the internet, focusing on enhancing user privacy and data control. McCourt has been vocal about the need for transparency in the bidding process, criticizing the secrecy surrounding the potential sale. He has partnered with Guggenheim Securities and Kirkland & Ellis to navigate the complexities of the deal, which could involve a valuation of TikTok's US business at up to $100 billion. Despite the stalled negotiations and the lack of clarity from TikTok and ByteDance, McCourt remains committed, seeing the acquisition as a pivotal step towards his vision of a more equitable digital ecosystem.

Read the Full Business Insider Article at:
[ https://www.businessinsider.com/frank-mccourt-billionaire-buy-tiktok-bytedance-secrecy-stalling-bidding-war-2024-12 ]