This week on StrictlyVC Download, hosts Connie Loizos and Alex Gove explore the intersection of the power of technology and the future of the internet with billionaire investor and philanthropist Frank McCourt. McCourt made headlines for his ownership of the Los Angeles Dodgers, but now he's making waves for his ambitious efforts to reshape the digital world, including one of the most influential platforms on the planet. This could include the acquisition of TikTok.
But that's a tall order. TikTok's Chinese parent company ByteDance is under increasing pressure to sell the platform amid increased U.S. government scrutiny, but the company insists it is not for sale. TikTok is still trying to ask a court to overturn a law passed by Congress and signed by President Joe Biden in April that requires ByteDance to shut down TikTok's U.S. operations by Jan. 19. or obligated to sell.
Meanwhile, McCourt has positioned himself as a central figure in this conversation, but his interest isn't just in acquiring the social media giant. McCourt is also the founder of Project Liberty, a $500 million initiative aimed at overhauling the internet by putting control back in the hands of users rather than the tech giants. Decentralization of social networking is at the core of the project, which it aims to achieve through open source internet protocols designed to give individuals ownership of their personal data by moving social media platforms to new decentralized systems. I am.
McCourt aims to build an internet where users' data is not exploited for advertising profit and instead powers a healthier, more equitable digital ecosystem. That's a good idea. That also seems impossible. Either way, we dig into McCourt's bold plans to reshape the internet, the potential acquisition of TikTok, and why his vision could fundamentally change how we interact with social media in the future. We enjoy talking with him about what he thinks.