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Key Takeaways
- Reddit co-founder Alexis Ohanian is joining Frank McCourt’s $20B bid for TikTok’s U.S. operations as a strategic adviser.
- McCourt’s proposal aims to use blockchain to give users more control over their data and address security concerns.
- The deal must be completed within Donald Trump's deadline extension to sell TikTok’s U.S. operations.
Reddit’s co-founder, Alexis Ohanian, wants to buy TikTok by joining entrepreneur Frank McCourt’s bid for the social media platform.
Ohanian is joining as a strategic adviser, bringing his social media expertise to the consortium known as The People's Bid.
This effort to acquire TikTok’s U.S. operations is part of Project Liberty, which is McCourt’s broader initiative to reshape the digital landscape and prioritize user control over personal data.
Exciting news for the digital world...
— Alexis Ohanian 🗽 (@alexisohanian) March 4, 2025
I'm officially now one of the people trying to buy TikTok US — and bring it on-chain.
TikTok has been a game-changer for creators, and it's future should be built by them↓ pic.twitter.com/SPq1Ppv1kK
In a statement to Reuters, McCourt warmly welcomed Ohanian to Project Liberty and expressed excitement at what he brings to the table:
“He has that broad portfolio of experience … of where social media was and, I think, a keen understanding of where it’s evolving.”
“This is a project which has very sophisticated technology at the core, and so you're dealing with a very specific audience when it comes to demonstrating the validity of that technology and how it works, and why it's necessary.”
An initial bid of $20 billion was made to ByteDance, the Chinese parent company of TikTok, by McCourt’s consortium, which also includes Shark Tank star Kevin O’Leary.
However, analysts estimate TikTok's value is much higher, even when excluding the platform’s recommendation algorithm, which is considered one of its main assets.
McCourt has already confirmed that he’s not interested in acquiring the algorithm itself.
The group plans to integrate blockchain technology to decentralize data management, enhancing transparency and privacy.
Ohanian's involvement underscores that commitment with plans to redefine TikTok, empowering users and addressing longstanding concerns about data exploitation.
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He expressed his vision of TikTok as a platform where users and creators have ownership over their data and audiences, fostering a more equitable digital environment.
“Users should own their data. Creators should own their audience. Period,” Ohanian said on X. “With transparency and accountability at the core, this new TikTok won’t just be fairer—it’ll be greater.”
TikTok’s Fate Hangs in the Balance
The bid emerges amidst regulatory pressures on ByteDance to divest its U.S. operations due to national security concerns.
In January, the U.S. Senate passed a mandate compelling ByteDance to either sell TikTok's U.S. assets or face a potential ban.
This legislative move reflected American apprehensions about data security and influence.
President Donald Trump has since signed an executive order granting TikTok a 75-day extension to comply with the ‘sale or ban’ mandate.
This means a potential deal must be achieved before April 5th, the day the extension ends.
Interesting that Trump has decided to issue a 75-day extension for TikTok instead of the full 90 days available in accordance with the law.
— Zain (@NotZainAgain) January 21, 2025
Maybe he thinks a sale can be achieved sooner than we might think pic.twitter.com/DI130jCtZF
The outcome of this bid could have far-reaching implications for the digital ecosystem and the businesses that depend on it.
TikTok’s uncertain future highlights the risks of over-reliance on a single platform, reinforcing the need for diversified social media marketing strategies.
At the same time, a successful acquisition by The People's Bid would not only reshape TikTok's operational framework but could also signal a shift toward platforms that prioritize user sovereignty over data exploitation.
Ohanian and McCourt aren't the only big names expressing interest in acquiring TikTok. Other big names include X's Elon Musk, as well as mega-influencer Mr. Beast.
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