PANews reported on May 21, according to CryptoSlate, that American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's Decentralized Social Networking Protocol (DSNP). McCourt's initiative, known as the "people's bid," represents the interests of several American businesses on the platform. He is working with investment bank Guggenheim Securities and law firm Kirkland Ellis on this venture.

In a press release, McCourt emphasized that the bid aims to empower users by migrating TikTok to an open-source protocol. This move is intended to restore control over digital identity and data, giving Americans a significant voice and stake in the network's future. McCourt plans to rebuild TikTok using DSNP and will leverage the Polkadot parachain social platform Frequency.