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Billionaire McCourt Open to Keeping Original Investors in Any TikTok Deal

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Business magnate Frank McCourt has expressed a willingness to include TikTok’s current investors, including its founder, in any potential deal to purchase the U.S. operations of the app, which is currently owned by the Chinese company ByteDance. McCourt confirmed in an interview with Reuters that his consortium, Project Liberty, has formally offered to buy TikTok from ByteDance, with a valuation of the app—excluding its algorithm—set at approximately $20 billion.

The bid, McCourt noted, is not contingent upon the involvement of major U.S. investment firms like General Atlantic, Susquehanna, and Sequoia Capital, who hold stakes in ByteDance. McCourt, however, indicated that his group is open to keeping existing investors, including ByteDance founder Zhang Yiming, involved in the deal, pending approval from the Committee on Foreign Investment in the United States (CFIUS).

ByteDance did not respond to a request for comment regarding the proposed deal. McCourt also stated that Project Liberty has developed a technological solution that addresses the national security concerns that led to U.S. legislation demanding ByteDance divest its ownership of TikTok by Sunday, or face a potential ban in the U.S.

In related developments, President-elect Donald Trump’s incoming national security adviser affirmed that the new administration will work to keep TikTok operating in the U.S. if a viable deal is reached.

 

Malaysia Grants Licences to WeChat and TikTok Under New Social Media Law

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Malaysia’s communications regulator has granted licences to WeChat and TikTok to operate under the country’s new social media law, which aims to combat rising cybercrime. The law, which took effect on January 1, mandates that social media platforms and messaging services with more than 8 million users in Malaysia must obtain a licence, or face legal action.

The Malaysian Communications and Multimedia Commission (MCMC) announced on Wednesday that Tencent’s WeChat and ByteDance’s TikTok have been granted their licences. Messaging platform Telegram is in the final stages of the application process, while Meta Platforms, which owns Facebook, Instagram, and WhatsApp, has begun the licensing procedure.

However, some platforms have not applied for the licence. X (formerly Twitter) has not submitted an application, stating that its local user base does not exceed the 8 million threshold. The regulator is currently reviewing the validity of this claim. Additionally, Alphabet’s Google, which operates YouTube, has not applied for a licence either, citing concerns about YouTube’s video-sharing features and how they relate to the new law. The MCMC has indicated that YouTube must still comply with the licensing requirements.

The law requires platforms to adhere to guidelines to curb harmful content, including online gambling, scams, child pornography, cyberbullying, and offensive content related to race, religion, and royalty. Malaysia has seen an uptick in harmful social media content in early 2024, prompting authorities to urge platforms like Meta and TikTok to enhance their monitoring efforts.

While companies do not disclose their user numbers per country, independent data suggests WeChat has 12 million users in Malaysia, while TikTok has around 28.68 million users aged 18 and above. Facebook has 22.35 million users, YouTube has 24.1 million users, and X has 5.71 million users in the country.

 

TikTok Appeals to US Supreme Court in Final Attempt to Prevent Ban

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TikTok has made a last-ditch attempt to prevent a potential ban in the United States by appealing to the Supreme Court. On Monday, the social media platform filed an emergency request seeking a temporary injunction to block a law that mandates its China-based parent company, ByteDance, to divest the app by January 19. If the company does not comply, the app could face a complete ban in the U.S. This move comes after a lower court upheld the law, and TikTok is now seeking to continue operations while appealing the decision.

In a coordinated effort, TikTok and ByteDance have asked the Supreme Court to intervene, with the goal of stopping the law from going into effect. The request was filed alongside a similar appeal from a group of U.S. TikTok users, who argue that the law unfairly targets the platform, which has become a key part of online social interaction for around 170 million Americans. The case has garnered significant attention due to the potential consequences for both users and the broader tech landscape in the U.S.

The law in question, passed by Congress in April, seeks to address concerns over national security. The Justice Department has argued that TikTok’s connection to China presents a significant risk, citing the app’s ability to collect vast amounts of personal data on U.S. users—ranging from locations to private messages. Authorities also claim that TikTok could be used to manipulate the content Americans are exposed to, potentially influencing political opinions and public perception in a way that serves the interests of the Chinese government.

As the legal battle continues, TikTok’s fate in the U.S. hangs in the balance. If the Supreme Court grants the injunction, it could temporarily delay the law’s enforcement, allowing TikTok to operate while further appeals are considered. However, if the Court declines, the company may be forced to comply with the divestiture deadline or face a nationwide ban, which would disrupt millions of users and businesses that rely on the app for communication, entertainment, and marketing.