Alexis Ohanian, the co-founder of Reddit and a savvy social media investor, has joined forces with billionaire Frank McCourt in an ambitious endeavor to acquire TikTok. Acting as a strategic advisor, Ohanian will bring his wealth of experience in social media to the table, playing a pivotal role in navigating the constantly evolving digital landscape.
McCourt praised Ohanian’s expertise, noting his deep understanding of the social media’s past and its potential future developments: “He has that broad portfolio of experience … of where social media was and, I think, a keen understanding of where it’s evolving,” McCourt stated. Ohanian’s involvement is expected to validate and promote their vision to restructure TikTok’s influence on data privacy and user control.
The acquisition attempt is facilitated by McCourt’s organization, Project Liberty, which has launched The People’s Bid—an ambitious campaign to purchase TikTok’s U.S. business segment. This initiative aims to empower users by granting them greater authority over their data usage and storage practices.
Various parties have shown interest in TikTok’s U.S. assets, including a collective of investors curated by tech entrepreneur Jesse Tinsley. Other notable contenders eyeing the potential acquisition include Microsoft, Oracle, Perplexity AI, and former Activision CEO Bobby Kotick.
In a recent hiccup, TikTok faced a short-lived outage in mid-January. However, normalcy quickly resumed after former President Donald Trump intervened, extending the consideration period for a potential ban by an additional 75 days through an executive order. These developments underscore the high stakes and complex dynamics at play in the battle for control over one of the world’s most influential social media platforms.
