US billionaire aims to acquire TikTok to challenge Big Tech dominance

Frank McCourt, a US real estate billionaire, aims to acquire TikTok to combat the negative influence of major tech platforms on society. Known for owning the Los Angeles Dodgers and Olympique de Marseille, McCourt has been vocal about the harm these platforms inflict, particularly on children. Speaking at the Collision tech conference in Toronto, he emphasised the manipulative nature of social media algorithms, linking them to societal chaos and political polarisation.

McCourt’s concern stems from the detrimental impact of social media on mental health, especially among children, citing rising anxiety, depression, and youth suicides. His solution is a ‘new internet’ based on an open-source, decentralised protocol where users control their own data, a vision he calls Project Liberty. With its vast user base of young people, acquiring TikTok would significantly advance this initiative. Project Liberty has garnered support from internet pioneer Tim Berners-Lee and NYU professor Jonathan Haidt.

The acquisition bid comes amid US government pressures on TikTok to divest from Chinese ownership due to national security concerns. While the future of TikTok’s ownership remains uncertain, McCourt hopes this situation will raise awareness about data privacy issues across all platforms, emphasising the need for user control over personal data to preserve democratic values.