Billionaire Frank McCourt's Project Liberty has submitted a proposal to buy TikTok from ByteDance ahead of a U.S. ban set to take effect in 10 days. The proposal aims to migrate the app to an American-owned, open-source platform prioritizing user data safety. ByteDance has received the proposal, though financial terms were not disclosed. The initiative seeks to prevent the app's ban under the Protecting Americans from Foreign Adversary Controlled Applications Act. The law, signed by President Joe Biden, prohibits TikTok's operation under Chinese ownership, citing national security risks.
