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Reddit Co-Founder Alexis Ohanian Joins Bid to Acquire TikTok's U.S. Operations

Frank McCourt's 'People's Bid' seeks to address national security concerns and give users control over their data on a decentralized platform.

Alexis Ohanian, Founder, Seven Seven Six; Co-Founder and Former Executive Chairman of Reddit speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2022. REUTERS/Mike Blake/File Photo
NEW YORK, NEW YORK - APRIL 23: Alexis Ohanian, Principal Owner, Angel City Football Club & Los Angeles Golf Club, looks on during a conversation with Olympic sprinter Gabby Thomas during the Business of Women Sport Summit presented by Deep Blue Sports and Axios at Chelsea Factory on April 23, 2024 in New York City. (Photo by Elsa/Getty Images)
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Reddit co-founder Alexis Ohanian says the bid to buy TikTok is about 'rewiring how the internet works'

Overview

  • Alexis Ohanian, co-founder of Reddit, has joined Frank McCourt's bid to acquire TikTok's U.S. assets as a strategic adviser.
  • The bid, called 'The People's Bid,' aims to rebuild TikTok's algorithm on a decentralized blockchain platform to enhance user data control and security.
  • The group, which includes Kevin O’Leary and other high-profile backers, has reportedly secured $20 billion in investor commitments for the acquisition.
  • President Trump has set an April 5 deadline for ByteDance to sell TikTok's U.S. operations or face a federal ban on the app.
  • ByteDance's engagement in the sale process remains unclear, and other bidders, including tech entrepreneur Jesse Tinsley and YouTube star MrBeast, have also expressed interest.