Reddit co-founder Alexis Ohanian has joined Frank McCourt’s consortium, known as “The People’s Bid,” as a strategic advisor in their effort to acquire TikTok’s U.S. operations.
This initiative aims to address national security concerns by implementing decentralized, blockchain-based technology to enhance user data privacy and control.
The consortium has reportedly secured at least $20 billion from investors for the bid.
However, ByteDance, TikTok’s Chinese parent company, has not fully engaged with the sale process, raising the possibility of the app’s shutdown in the U.S.
Other potential bidders for TikTok’s U.S. assets include a group led by tech entrepreneur Jesse Tinsley and YouTube personality MrBeast.
