Reddit Co-founder Alexis Ohanian Joins Frank McCourt’s Bid for TikTok

Frank McCourt announced Monday that Alexis Ohanian, co-founder of Reddit and a venture capitalist, has joined his bid to acquire TikTok’s U.S. operations as a strategic adviser. Ohanian will focus on social media strategy for the bid.

Ohanian co-founded Reddit while at the University of Virginia and later sold it to Conde Nast in 2006. He returned in 2014 as executive chair to lead a turnaround. He has also invested in several tech companies, including Instacart, Patreon, and OpenSea.

McCourt said Ohanian’s experience in social media makes him a valuable addition to the bid. He believes Ohanian understands both the history and future of social media.

Ohanian will help promote the Project Liberty bid, which McCourt calls "The People's Bid." The plan aims to run TikTok on technology that allows users to control how their data is used and shared.

McCourt said Ohanian will help validate and socialise the bid. He noted that the project involves sophisticated technology that needs to be explained to both experts and the general public.

Ohanian expressed enthusiasm for the project, saying he wants to give people more control over their data.

McCourt and his partners submitted their bid in early January as a deadline approached for ByteDance to sell TikTok’s U.S. assets or face a ban. The app briefly shut down in the U.S. on Jan. 19 before being restored after then-President-elect Donald Trump said he would allow access.

Trump later granted a 75-day delay on the ban and assigned Vice President JD Vance to oversee the sale process.

Several other bidders are also interested in TikTok’s U.S. operations. A group led by tech entrepreneur Jesse Tinsley includes YouTube personality MrBeast, whose real name is Jimmy Donaldson, and Wyoming entrepreneur Reid Rasner.

McCourt said he has provided the White House with extensive details about his bid, including financing, technology plans, and national security considerations.

ByteDance, TikTok’s Chinese parent company, has not actively engaged in the sale process, according to McCourt. He said ByteDance has not hired a banker, defined assets for sale, or set a valuation. He also suggested that ByteDance might choose to shut down TikTok in the U.S. rather than sell it.

Alexis Ohanian has joined Frank McCourt’s bid to acquire TikTok’s U.S. operations.
The bid, called "The People's Bid," aims to give users more control over their data.
McCourt submitted his bid in early January as ByteDance faces a deadline to sell or face a ban.

Source: REUTERS