Billionaire Frank McCourt plans to bid US$20 billion for TikTok as the app faces a potential forced divestment of its United States operations.

Backed by a consortium of investors, McCourt aims to shift TikTok’s business model, granting users control over ads and content while generating revenue through ecommerce and data licensing with user consent.

McCourt’s team has engaged with key stakeholders, including initial talks with Donald Trump’s network, and is exploring leadership options, potentially involving former chief operating officer V. Pappas.

He also plans to integrate TikTok with Project Liberty’s open-source protocol, allowing users greater control over their data.