Frank McCourt’s Project Liberty and its consortium of partners in The People’s Bid have made a formal bid to ByteDance to buy TikTok’s U.S. assets and keep the app alive without its current algorithm, Reuters reports. The move comes ahead of a January 19 deadline by which ByteDance has to sell the platform or face a ban under a law signed by President Joe Biden on April 24. The consortium did not disclose the value of the proposal. Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOG) (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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