- Alexis Ohanian has joined Frank McCourt’s bid to acquire TikTok’s U.S. operations as a strategic adviser.
- McCourt’s “People’s Bid” aims to rebuild TikTok on tech that gives users more control over their data.
- ByteDance has yet to define sale terms, leaving the future of TikTok’s U.S. assets uncertain.
Frank McCourt announced Monday that Alexis Ohanian, Reddit co-founder and well-known venture capitalist, has joined his bid to acquire TikTok’s U.S. operations. Ohanian steps in as a strategic adviser, bringing his deep experience in social media to the table.
Ohanian, who helped launch Reddit with his college roommate back in the early 2000s, sold the platform to Condé Nast in 2006, only to return in 2014 as executive chair to oversee its turnaround. Over the years, he’s backed several major tech firms, including Instacart, Patreon, and OpenSea.
A Social Media Veteran Joins the Fight
“He has that broad portfolio of experience—he’s seen where social media has been and has a sharp sense of where it’s going,” McCourt said.
McCourt is pushing what he calls “The People’s Bid,” an initiative under Project Liberty, aiming to buy TikTok’s U.S. assets and rebuild the platform on technology that gives users more control over their data. Ohanian’s role? To help validate the vision and promote the project to both tech insiders and everyday users alike.
“On one hand, this is a highly sophisticated technological endeavor, and we need to prove its validity to the experts,” McCourt explained. “On the other, we’re dealing with non-tech folks—millions of people affected by these platforms in ways they don’t even fully realize.”
Ohanian echoed the sentiment, saying he’s eager to work on a project that empowers people to have more say over how their data is used.
A Race to Own TikTok’s U.S. Future
McCourt and his team submitted their bid for TikTok’s U.S. assets back in January, as ByteDance faces mounting pressure to sell or risk a total ban. The app even briefly shut down in the U.S. on Jan. 19 before regaining access after President-elect Donald Trump intervened, promising to keep the platform running while overseeing its sale.
Trump has since granted a 75-day delay on enforcing the ban, handing Vice President JD Vance the task of managing the sale process. With TikTok’s massive U.S. user base up for grabs, interest has skyrocketed from tech moguls, investors, and media figures.
Among the competition? A group of investors led by tech entrepreneur Jesse Tinsley, featuring YouTube star MrBeast (Jimmy Donaldson) and Wyoming businessman Reid Rasner.
McCourt claims he’s provided the White House with extensive documentation on his bid, outlining financial details, security considerations, and his long-term vision for the platform.
ByteDance Remains a Wild Card
Despite the flurry of interest, TikTok’s Chinese parent company, ByteDance, remains hesitant. According to McCourt, ByteDance has yet to hire a banker, hasn’t clearly defined what assets would be sold, and hasn’t even set a valuation. There’s also speculation that rather than selling, ByteDance could pull the plug entirely, shutting down TikTok in the U.S. rather than ceding control.
As the deadline looms, the battle over TikTok’s future remains uncertain—but McCourt and his backers are making it clear they’re in it to win.
