Reddit co-founder Alexis Ohanian has joined "The People's Bid" to acquire TikTok's U.S. operations, adding his expertise to the effort spearheaded by real estate mogul Frank McCourt. Ohanian, a prominent venture capitalist known for his investments in Instacart, Patreon, and OpenSea, is stepping in as a strategic advisor with a focus on social media.
McCourt's venture, Project Liberty, intends to transform the digital world by incorporating a blockchain platform into TikTok. This would empower users with control over their data, answering growing concerns about privacy and security. Ohanian, who has long advocated for decentralized digital ownership, expressed delight for the idea, emphasizing that it's not just about obtaining TikTok, but about reshaping the internet's future. "I've spent my entire career building tech that puts power back in people's hands—that's what got me excited about The People's Bid," he stated.
The bid comes amid increased scrutiny of TikTok's Chinese parent company, ByteDance. U.S. lawmakers have ordered ByteDance to divest TikTok's U.S. assets or face a potential ban, citing national security concerns. There is concern that the Chinese government could be using the app for data collection and content modification. With an April deadline, many high-profile contenders, including Microsoft, Oracle, and a group led by YouTube personality MrBeast, have entered the race.
McCourt envisions The People's Bid as an alternative to corporate ownership, incorporating a crowdfunding element to allow consumers and small businesses to invest in TikTok's future. Kevin O'Leary, an investor from "Shark Tank," has also joined the initiative, lending further credibility to the bid.
Despite the growing interest in acquiring TikTok, ByteDance remains minimally engaged, with no clear indication of a sale process. McCourt has provided detailed documentation to the White House outlining his plan's financial structure, technological approach, and dedication to national security compliance.
As the discussion over TikTok's future intensifies, The People's Bid offers a vision that goes beyond just ownership. With Ohanion's participation, the proposal emphasizes the push for a more decentralized, user-powered internet, challenging established methods of social media governance.