An investor group called The People's Bid for TikTok has submitted a formal buyout offer for TikTok's U.S. operations ahead of the approaching divestment deadline.

The group, led by Project Liberty founder Frank McCourt, includes major private equity firms, family offices, and high-net-worth individuals. The bid is reportedly backed by $20 billion in capital commitments, including debt financing from a major U.S. bank.

McCourt proposes rebuilding TikTok on an American-made tech stack without relying on ByteDance's current algorithm. Kevin O'Leary, a supporter of the bid, confirmed that the proposed transaction would not include TikTok's algorithm.

Key developments:

• The Supreme Court appears unsympathetic to TikTok's arguments against the sell-or-shutdown law
• January 19th is the current ban deadline, with potential for a 90-day extension
• President-elect Trump may revive the app after taking office on January 20th
• Market predictions vary:
  • Kalshi odds show 68% chance of a U.S. TikTok ban before May
  • Evercore ISI estimates 20-25% chance of the ban being implemented

Competitors like Triller are positioning themselves to attract users if the ban proceeds. ByteDance has historically resisted selling TikTok, but the approaching deadline and exclusion of the algorithm from the deal may influence their decision.

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