A consortium led by billionaire Frank McCourt and "Shark Tank" investor Kevin O'Leary has made a formal offer to buy TikTok's US operations from Chinese parent company ByteDance, just days before a crucial Supreme Court hearing.

The group, operating under the name "The People's Bid for TikTok", announced their proposal on Thursday, though the financial terms were not disclosed. The bid comes as TikTok faces a potential US ban from 19 January if it is not sold, following legislation signed by President Biden last April.

"I've spoken to all the potential bidders, and it's clear to me that Frank McCourt and Project Liberty are the team to get this done," O'Leary, chairman of O'Leary Ventures, said. "This is the bid that can save TikTok."

The consortium plans to migrate TikTok's user base to "groundbreaking, American-built digital infrastructure" designed to give users control over their data and relationships. Tomicah Tillemann, president of Project Liberty, said: "We have the technology, resources, and team to complete a deal and protect TikTok's position as a cultural cornerstone of the internet."

The bid is backed by investment firm Guggenheim Securities and includes notable supporters such as World Wide Web inventor Tim Berners-Lee. The group claims to have secured interest from major private equity funds, family offices, and high net worth individuals, along with debt financing from a leading US bank.

Project Liberty, launched in 2021 with a $500 million commitment from McCourt, aims to develop next-generation digital infrastructure that prioritises user control and data privacy. The organisation has partnered with institutions including Georgetown University, Stanford University, and ETH Zurich.

However, the proposal faces significant obstacles. ByteDance has repeatedly stated it has no intention of selling TikTok, which currently serves more than 170 million monthly American users. In its Supreme Court filing, ByteDance argues that the forced sale would violate First Amendment rights of both the platform and its users.

The Supreme Court is set to hear oral arguments on Friday regarding the law that could force the sale or ban of the app, which has become the first Chinese social media platform to successfully compete with American tech giants globally.

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