10:16 AM EST, 01/09/2025 (MT Newswires) -- Project Liberty, a non-profit organization headed by billionaire Frank McCourt, along with a consortium of partners, is bidding to acquire the US assets of ByteDance's social media platform TikTok, the organization said Thursday.

If the acquisition goes through, the group said it will relaunch TikTok on "American-made digital infrastructure."

Project Liberty, along with a consortium of partners known as The People's Bid, said they have delivered the acquisition proposal to ByteDance. The group did not disclose an offer price for the assets.

The acquisition could be a blow to Meta Platforms' ( META ) Instagram, which would likely benefit from a TikTok ban.

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