Reddit’s Alexis Ohanian Joins Bid to Acquire TikTok US With Web3 Vision

Reddit co-founder Alexis Ohanian has joined a consortium led by billionaire Frank McCourt in a bid to acquire TikTok's U.S. operations. Ohanian will serve as a strategic adviser for "The People's Bid," aiming to transform TikTok into a platform that prioritizes user data privacy and control. This initiative seeks to address national security concerns by leveraging decentralized blockchain technology, offering an alternative social media infrastructure that empowers users.

The consortium's proposal includes a $20 billion cash offer, though analysts suggest TikTok's U.S. assets could be valued higher. Other potential bidders, such as Microsoft and a group involving Roblox's CEO, have expressed interest with bids exceeding $30 billion. The outcome remains uncertain as ByteDance, TikTok's Chinese parent company, has yet to fully engage with the sale process, raising the possibility of a U.S. shutdown if a sale isn't finalized.

This development occurs amid increasing scrutiny over TikTok's data practices and its ownership by ByteDance. The U.S. government has mandated that TikTok sever ties with its Chinese parent company or face a potential ban, citing national security concerns. The consortium's bid aims to alleviate these concerns by implementing a blockchain-based platform to enhance user control over online data, potentially setting a new standard in digital community management.

Source >> cryptonews