Frank Maccourt News

Amazon.com has put in a last-minute offer to buy short-form video app TikTok, New York Times reported on Wednesday, citing sources familiar with the matter. Trump is slated to meet with top White House officials Wednesday to discuss TikTok's fate. People familiar with the talks have outlined a potential deal that could involve bringing on a number of new U.S. investors, including Oracle, the technology giant, and Blackstone, the private equity firm, while sidestepping a formal sale. But it isn't clear that such a structure would satisfy the conditions of the federal law, as per the report. Amazon has some existing ties to TikTok. TikTok video app, which counts 170 million users in the United States, has become a major hub of retail shopping, with influencers recommending products to viewers. While the company has its own e-commerce operation known as TikTok Shop, many influencers encourage people to buy products on Amazon, which gives the influencers a cut of the transactions. It has also provided some technical infrastructure, NYT News Service reported. Amazon had previously tried to make a TikTok clone of sorts, called Inspire, inside its own app. Internally, it was a high-profile initiative, but was widely seen as unsuccessful at attracting shoppers. The company removed it from the app this year, as per the report. Amazon isn't the first retailer to express interest in the app. In 2020, when TikTok was first pressured to sell to U.S. owners, Microsoft and Walmart made a bid for the company.

TikTok US Ban Live Updates: Popular video-sharing platform TikTok is likely to go dark in the US on Sunday after a decision by the US Supreme Court unanimously upheld a bipartisan federal law giving TikTok time till 19 January to cut ties with its Chinese parent ByteDance or face a ban in the US ByteDance has said that TikTok will go dark in the US if the Joe Biden administration does not provide assurances to companies like Apple and Google about not facing enforcement action for hosting the short video app.Notably, incoming US President on Saturday signalled hope for ByteDance as he said that he would ‘most likely’ give TikTok a 90 day reprieve when he takes office on Monday. TikTok US Ban Live Updates: While many names have emerged in the race to take control of TikTok US, including billionaire Frank McCourt, Shark Tank investor Kevin O’Leary and former Treasury secretary Steven Mnuchin, ByteDance has publicly stated that it will not sell TikTok US.

Frank McCourt is crafting a fundamental overhaul of TikTok's business model as part of a plan to bid for the Chinese-owned short-form video app, he told Reuters. McCourt, who formerly owned the Los Angeles Dodgers baseball team, said he has received verbal funding commitments totaling $20 billion from a consortium of investors to rescue the app from legal purgatory as it awaits a Supreme Court decision to determine if it will be forced to sell its US operations. His vision for TikTok includes revamping the company's advertising model so that users will have control over the ads and type of content they want to see. Over time, TikTok could earn revenue through ecommerce and licensing data for artificial intelligence training models — with users' consent — which will diminish the business' reliance on ads.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Billionaire businessman and real estate mogul Frank McCourt says he’s putting together a consortium to purchase TikTok’s U.S. business

Frank McCourt, a real estate mogul with ambitions to improve the web, on Wednesday said he plans to build a consortium to bid for short-form video platform TikTok's US business. McCourt, a former owner of the Los Angeles Dodgers and executive chairman of investment firm McCourt Global, is an unlikely contender for the ByteDance Ltd-owned app. TikTok's US assets were valued at $35 billion to $40 billion by Bloomberg Intelligence analysts.

Social network MeWe will integrate with the Frequency blockchain network, a parachain of Polkadot, according to an April 26 announcement at Consensus 2023. The announcement added that the company will begin moving its users’ accounts over to the network during this quarter.

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