Dubai Telegraph - US billionaire eyes TikTok takeover to save internet from Big Tech

EUR -
AED 3.874351
AFN 70.672481
ALL 98.206772
AMD 409.529379
ANG 1.902292
AOA 961.98469
ARS 1053.240083
AUD 1.632197
AWG 1.893379
AZN 1.79736
BAM 1.951687
BBD 2.131209
BDT 126.134215
BGN 1.954399
BHD 0.397559
BIF 3057.359101
BMD 1.054807
BND 1.415032
BOB 7.2937
BRL 6.114617
BSD 1.055476
BTN 88.681275
BWP 14.429731
BYN 3.454254
BYR 20674.224038
BZD 2.127637
CAD 1.485258
CDF 3022.023436
CHF 0.935277
CLF 0.037481
CLP 1034.217927
CNY 7.628899
CNH 7.631342
COP 4683.966965
CRC 537.173181
CUC 1.054807
CUP 27.952395
CVE 110.596966
CZK 25.250021
DJF 187.460777
DKK 7.45828
DOP 63.714461
DZD 140.670985
EGP 52.059705
ERN 15.82211
ETB 128.686874
FJD 2.400689
FKP 0.832577
GBP 0.835371
GEL 2.88494
GGP 0.832577
GHS 16.824589
GIP 0.832577
GMD 74.891697
GNF 9102.987795
GTQ 8.151823
GYD 220.726985
HKD 8.212467
HNL 26.502077
HRK 7.524214
HTG 138.757615
HUF 408.109004
IDR 16773.546462
ILS 3.95511
IMP 0.832577
INR 89.063872
IQD 1382.325031
IRR 44399.482357
ISK 145.07861
JEP 0.832577
JMD 167.626783
JOD 0.747968
JPY 162.620745
KES 136.601561
KGS 91.244843
KHR 4271.970133
KMF 492.14678
KPW 949.326214
KRW 1472.870098
KWD 0.324375
KYD 0.879655
KZT 524.539682
LAK 23156.186098
LBP 94457.998459
LKR 308.360235
LRD 194.084919
LSL 19.218992
LTL 3.114572
LVL 0.638043
LYD 5.142227
MAD 10.562318
MDL 19.178769
MGA 4920.676648
MKD 61.480451
MMK 3425.973124
MNT 3584.235315
MOP 8.463746
MRU 42.150501
MUR 49.797854
MVR 16.297172
MWK 1831.145921
MXN 21.457915
MYR 4.71552
MZN 67.406123
NAD 19.218988
NGN 1756.254599
NIO 38.780033
NOK 11.691443
NPR 141.890359
NZD 1.798468
OMR 0.406127
PAB 1.055486
PEN 4.011473
PGK 4.240062
PHP 61.944657
PKR 292.923905
PLN 4.316188
PYG 8235.64615
QAR 3.840136
RON 4.976374
RSD 116.98134
RUB 105.533529
RWF 1444.031261
SAR 3.961836
SBD 8.850276
SCR 15.510982
SDG 634.470498
SEK 11.57129
SGD 1.415261
SHP 0.832577
SLE 23.842514
SLL 22118.787698
SOS 602.826263
SRD 37.251053
STD 21832.382474
SVC 9.235539
SYP 2650.234959
SZL 19.218979
THB 36.740526
TJS 11.251797
TMT 3.702374
TND 3.330558
TOP 2.470468
TRY 36.326303
TTD 7.166966
TWD 34.295483
TZS 2805.787901
UAH 43.598444
UGX 3873.837193
USD 1.054807
UYU 45.294985
UZS 13538.452675
VES 47.941006
VND 26781.558588
VUV 125.228848
WST 2.944591
XAF 654.571505
XAG 0.03487
XAU 0.000412
XCD 2.85067
XDR 0.795132
XOF 653.456945
XPF 119.331742
YER 263.570026
ZAR 19.209466
ZMK 9494.535692
ZMW 28.979211
ZWL 339.647536
  • RBGPF

    1.6500

    61.84

    +2.67%

  • RYCEF

    0.0100

    6.8

    +0.15%

  • CMSC

    -0.0300

    24.52

    -0.12%

  • NGG

    0.2100

    62.58

    +0.34%

  • SCS

    -0.0300

    13.24

    -0.23%

  • BTI

    0.7400

    36.23

    +2.04%

  • AZN

    -1.7400

    63.3

    -2.75%

  • GSK

    -0.5859

    33.415

    -1.75%

  • BP

    -0.1250

    28.925

    -0.43%

  • CMSD

    0.0252

    24.383

    +0.1%

  • RELX

    -1.5950

    44.355

    -3.6%

  • BCC

    -1.0600

    139.29

    -0.76%

  • BCE

    -0.0180

    26.822

    -0.07%

  • RIO

    0.4000

    60.83

    +0.66%

  • VOD

    0.0650

    8.745

    +0.74%

  • JRI

    -0.0665

    13.01

    -0.51%

US billionaire eyes TikTok takeover to save internet from Big Tech
US billionaire eyes TikTok takeover to save internet from Big Tech / Photo: Cole Burston - AFP

US billionaire eyes TikTok takeover to save internet from Big Tech

Frank McCourt, a US real estate billionaire, aims to buy TikTok to rescue the internet from the clutches of major platforms that he firmly believes are destroying society and endangering children.

Text size:

In the United States, McCourt is best known as the former owner of the Los Angeles Dodgers baseball team, while in Europe he is the current proprietor of storied football club Olympique de Marseille that counts French President Emmanuel Macron among its fans.

For years, McCourt has railed against the power of the big tech platforms, accusing them of harming children and helping send the world off the rails.

"We are being manipulated by these big platforms. And that's why we see in free societies everywhere, there's sort of the world on fire, right?" McCourt told AFP at the Collision tech conference in Toronto.

He cited political upheaval in France, where the far-right could secure a decisive victory in the upcoming parliamentary elections, as the latest example.

"There's a lot of agitation, a lot of chaos, a lot of polarization. Well, you know what, the algorithms are working well. They're keeping us in that constant state. It's time for change."

McCourt said he was initially motivated to act by the threat posed by social media to his own seven children.

"This internet is predatory. It's doing a lot of damage to kids. We see the anxiety, the depression, and an epidemic now of children taking their lives," he said.

To address the problem, McCourt is campaigning for a "new internet" which, he claims, would wrest control of the web away from major platforms like Instagram, YouTube, TikTok, or X.

"These platforms have hundreds of thousands of individual attributes about each of us. And it's not just where we shop or what we like to eat or where we physically are present. It's about how we think, how we emote, how we react, how we behave," he said.

McCourt envisions a new internet that he describes as an open-source, decentralized protocol where users control their own data, regardless of the social media app they use.

Acquiring TikTok would give his project known as Project Liberty a whole new scale, bringing in its legions of users, mostly younger people, he said.

Project Liberty counts internet pioneer Tim Berners-Lee as a supporter, along with Jonathan Haidt, an NYU professor whose latest book, "The Anxious Generation," argues that the effects of social media on young people have been devastating.

- 'Undemocratic' -

McCourt is not alone in eyeing the Chinese-owned platform, with Trump's former secretary of the treasury, Steve Mnuchin, also advancing a bid.

These plans, which some say are far-fetched, follow a bill signed by US President Joe Biden in April that gives TikTok 270 days to find a non-Chinese buyer or face a ban in the country.

However, it is hardly a sure thing that TikTok will end up being for sale.

The company is fighting the law in US courts, and the Chinese government has said it would not accept the divestment of one of the country's most successful tech brands.

"The US government's concern is that the data of 170 million Americans is being scraped and sent to China," which "of course" poses a national security threat, McCourt said.

However, he added, "I hope that this TikTok issue will make that light bulb go off for people, and they'll realize (that even on other platforms) their data is being scraped and shipped somewhere."

"Maybe it's not going to China, but it's going somewhere controlled by someone who has everything about you, and that's not correct. That's undemocratic," he said.

I.Viswanathan--DT