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“This is the bid that can save TikTok,” said O’Leary, . “Project Liberty has brought together the right people, the right vision and the right technology to avoid a ban. It is a win for all Americans.”

Project Liberty says the proposal aims to preserve the platform’s vibrant community, while also giving 170 million American TikTokers the ability to control, protect and benefit from their data. 

“By keeping the platform alive without relying on the current TikTok algorithm and avoiding a ban, millions of Americans can continue to enjoy the platform,” McCourt said in the release. “We look forward to working with ByteDance, president-elect Trump and the incoming administration to get this deal done.”

However, ByteDance has repeatedly said TikTok is not for sale, . This publication has reached out to TikTok, but we have not received a response.

Kevin O’Leary wants to democratize the platform

“There’s so much more potential for this platform in terms of how user data is treated. It’s stalled out at 170 million users,” said O’Leary in an interview posted to X on Friday. “We’d like to get it past 200 million and that means we’ve got to get everybody back that doesn’t trust it. The way to do that is to democratize it and allow people to invest beside us. This is not about free speech. It’s about Chinese spyware and democratizing the platform.”

O’Leary, who has appeared on the reality TV business show “Shark Tank” and who goes by the nickname “Mr. Wonderful,” says he hopes to “make TikTok wonderful again.”

The bid came a day before the U.S. Supreme Court heard oral arguments about whether to uphold a law that would ban TikTok in the U.S. starting on Jan. 19 — if it is not sold following a legal challenge from the social media company.

TikTok challenged the law, with the stance it violates the First Amendment and should be struck down.

On Friday, the U.S. Supreme Court heard arguments and is expected to make a decision on whether to uphold the ban.

“The Supreme Court seemed inclined on Friday to uphold a law requiring TikTok be sold or effectively be banned in the United States,” according to reporting in .

What is Project Liberty?

Project Liberty was founded in 2019 by McCourt and has the aim of leading the movement to give people back control of their lives in the digital age by ensuring they have a voice, choice and stake in a better internet.

Project Liberty has put a group of investors together to purchase TikTok and “rearchitect the platform to put people in control of their digital identities and data,” .

The plan is to migrate TikTok’s user base to American-built digital infrastructure designed to “put people back in charge of their data and relationships,” according to the group.

The transition to the new infrastructure would be “designed to minimize interruption for TikTokers and prioritize privacy and trust on the platform,” it said.

For more information, visit: .

What’s happening with TikTok in Canada?

TikTok filed a notice of application in federal court to last year.

“This order would eliminate the jobs and livelihoods of our hundreds of dedicated local employees — who support the community of more than 14 million monthly Canadian users on TikTok, including businesses, advertisers, creators and initiatives developed especially for Canada,” TikTok said in a statement. “We believe it’s in the best interest of Canadians to find a meaningful solution and ensure that a local team remains in place, alongside the TikTok platform.”

On Nov. 6, the Liberal government  it had completed a “a multi-step national security review,” and based on its findings had “ordered the wind up of the Canadian business carried on by TikTok Technology Canada, Inc.”

It said people could still use the platform in Canada, but the corporate offices would have to close.

Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne had said specific national security risks were found during a company review, relating to Chinese internet technology company ’s operations through the establishment of TikTok Technology Canada, Inc.

“The government’s decision was made in accordance with the Investment Canada Act, which allows for the review of foreign investments that may be injurious to Canada’s national security,” Champagne said.

— With files from Janis Ramsay