Frank McCourt, a wealthy entrepreneur in real estate, announced that he is forming a group of investors to buy TikTok's U.S. operations. This move comes as more investors are looking to take advantage of a new law that mandates TikTok's parent company in China to sell the app or risk being banned.

McCourt's Project Liberty initiative announced on Tuesday that the former owner of the Los Angeles Dodgers is leading a bid with Guggenheim Securities to prioritize people and data empowerment in the platform's design and purpose.

In the event of a sale, McCourt expressed his intention to revamp TikTok by empowering users to have more control over their digital information and data. This would involve transitioning the platform to an open-source protocol that promotes greater transparency.

Additional investors, such as ex-Treasury Secretary Steven Mnuchin, have shown interest in acquiring TikTok. However, ByteDance, the company that owns TikTok, has stated that they have no intentions of selling the platform. It is also improbable that the Chinese government would approve of a sale, especially if it involves the recommendation engine that determines the videos shown in users' feeds.