07:52 AM EDT, 05/15/2024 (MT Newswires) -- Entrepreneur Frank McCourt said Wednesday that his nonprofit Project Liberty initiative is organizing an investor group to acquire social media platform TikTok in the United States.

Project Liberty will work with investment bank Guggenheim Securities, law firm Kirkland & Ellis, as well as "technologists, academics, community leaders, parents and engaged citizens," McCourt said.

"McCourt and his partners are seizing this opportunity to return control and value back into the hands of individuals and provide Americans with a meaningful voice, choice, and stake in the future of the web," the billionaire said.

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