Summary: Reddit co-founder Alexis Ohanian has joined forces with a bid by Frank McCourt to acquire TikTok’s American operations. The offer, if approved, would combine blockchain technology, giving users more control of their data. Ohanian, a social media and technology icon, will serve as the bid’s strategic advisor.
McCourt anticipates that Ohanian’s experience will help him justify and sell the initiative. Project Liberty, McCourt’s initiative, envisions TikTok’s future as more decentralized and creator-driven. China-based ByteDance’s control of TikTok has spurred regulatory scrutiny, so a restriction is more likely in the U.S. Having Ohanian on board gives the cause legitimacy, in line with his earlier investments in Instacart, Patreon, and OpenSea.
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Reddit co-founder Alexis Ohanian has admitted his involvement in a bid to acquire TikTok’s U.S. business. It seeks to flip the platform over to blockchain if the bid goes through.
The addition of Ohanian was after validation that he has partnered with Frank McCourt’s bid. McCourt is behind Project Liberty that envisions TikTok’s possibilities being transplanted into a decentralized space where its users possess complete ownership of the data.
McCourt hired Ohanian, stressing his strong experience with social media and its evolution. He indicated that Ohanian’s responsibility will be to legitimize and sell the project, specifically in demonstrating its technical feasibility.
ByteDance-owned TikTok has been the target of regulatory challenges in the U.S., such as temporary prohibition. Regulational issues have led to speculations on likely curbs.
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Ohanian’s previous investments also include high-profile tech startups such as Instacart, Patreon, and OpenSea. His involvement in this bid suggests heightened interest in integrating blockchain into mainstream social platforms.
