Real estate billionaire Frank McCourt has announced his plans to build a consortium for the purpose of bidding on social media app TikTok’s US business. McCourt, who formerly owned the Los Angeles Dodgers, currently holds the executive chairman position for investment firm McCourt Global. Given his background, the bid for a social media platform may seem somewhat unexpected.
The US business of TikTok, a platform owned by ByteDance Ltd., has recently been valued at approximately $35 billion to $40 billion as per Bloomberg Intelligence analysts. This hefty price tag displays the scale of McCourt’s ambitions to bring about changes on the web.
It’s worth recognizing that this opportunity for potential bidders arose from President Joe Biden’s move to pressure TikTok’s Chinese parent company to sell its US app, or else face a ban. This law emerged earlier this year and has certainly added a unique dynamic to the already complex world of tech businesses.
The development surrounding McCourt’s bid will continue to draw attention from legal professionals worldwide, especially those keeping an eye on intricate business acquisitions in the tech industry.
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