This week on the StrictlyVC Download, hosts Connie Loizos and Alex Gove explore the intersection of technology power and the future of the internet with billionaire investor and philanthropist Frank McCourt. Though McCourt has made headlines through his ownership of the Los Angeles Dodgers, he’s now making waves with his ambitious efforts to reshape the digital world, which could involve buying one of the most influential platforms on Earth: TikTok.
It’s a tall order, though. While pressure is mounting on TikTok’s Chinese parent company ByteDance, to sell the platform amid escalating U.S. government scrutiny, they claim it is not for sale. TikTok is still trying to get courts to overturn the law that Congress passed and President Joe Biden signed in April, which requires ByteDance to shut down or sell TikTok’s U.S. operation of TikTok by January 19.
In the meantime, McCourt is positioning himself as a key player in the conversation, but his interest isn’t just about taking over a social media giant. McCourt is also the founder of Project Liberty, a $500 million initiative aimed at overhauling the internet by putting control back in the hands of users, rather than tech giants. Decentralizing social networking is at the project’s core, a goal they aim to achieve through an open-source Internet protocol designed to give individuals ownership of their personal data by migrating social media platforms to a new decentralized system.
McCourt aims to create an internet where users data isn’t exploited for advertising profits, but instead empowers a healthier, more equitable digital ecosystem. It’s a nice idea. It also seems improbable. Either way, we enjoy delving into McCourt’s bold plans to reshape the internet, his potential acquisition of TikTok, and talking with him about why he thinks his vision could radically change the way we interact with social media in the future.
