FOLLOW US

Project Liberty, advised by Kirkland & Ellis LLP, has submitted a formal offer to acquire TikTok's U.S. assets just 10 days before the video-sharing app faces a federally mandated deadline to divest from its Chinese parent, ByteDance, or face a nationwide ban. The bid, announced Thursday, forms part of a broader effort by Project Liberty and its consortium, The People's Bid for TikTok, to preserve the platform's U.S. operations while addressing national security and data privacy concerns.

A Proposal for TikTok’s Future

Tomicah Tillemann, president of Project Liberty, said the offer’s financial details will remain confidential until ByteDance is prepared to engage in substantive discussions. However, he underscored the group’s readiness to complete the acquisition and maintain TikTok’s role as a "cultural cornerstone of the internet."

"Project Liberty is the right buyer for TikTok's U.S. business," Tillemann said. "We have the technology, resources, and team to complete a deal and protect TikTok's community while ensuring data privacy and user control."

Frank McCourt, Project Liberty's founder, emphasized the group’s vision of transitioning TikTok to an American-built digital infrastructure that prioritizes user privacy. "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.

Legal and Legislative Context

The proposal comes amid heightened legal and political scrutiny surrounding TikTok’s ties to ByteDance. The Biden administration recently urged the U.S. Supreme Court to reject a motion backed by former President Donald Trump to delay the Jan. 19 divestiture deadline. TikTok, the Department of Justice, and creators submitted separate briefs on the constitutionality of the sale-or-ban mandate passed by Congress last year.

Supreme Court justices are set to hear oral arguments Friday on the issue, which pits First Amendment claims against concerns over national security and user data exposure.

Preserving TikTok While Addressing Security Concerns

Project Liberty’s bid focuses on minimizing disruptions for TikTok’s 170 million American users while implementing enhanced privacy protections. The group plans to migrate TikTok’s operations to a U.S.-based digital infrastructure, offering users greater control over their data. According to Project Liberty, this transition would ensure continuity for creators and businesses reliant on the platform.

"We've put forward a proposal to ByteDance to realize Project Liberty's vision for a reimagined TikTok," McCourt said. "Our plan ensures the platform thrives under American stewardship while addressing critical security and data concerns."

Financial and Strategic Backing

Project Liberty said it has secured substantial financial commitments to support the acquisition. The group cited interest from major private equity funds, family offices, and high-net-worth individuals, alongside debt financing from one of the largest U.S. banks.

Founded in 2019 with a $500 million investment by McCourt, Project Liberty aims to build a more equitable internet by giving users a voice, choice, and stake in the digital ecosystem.

Legal Representation

Kirkland & Ellis’ legal team for Project Liberty includes partners Adam Phillips, Carlo Zenkner, Ivan Schlager, Jennifer Lee, and Jeff Norman. The firm’s role underscores the high-stakes nature of the negotiations as the deadline looms.

As discussions advance, Project Liberty hopes to strike a deal that aligns with its mission of creating a safer, user-centered internet while addressing the concerns that have placed TikTok at the center of a geopolitical debate.