NEW YORK — A group formed by billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok from its China-based parent company, ByteDance.
The group, which calls itself The People’s Bid for TikTok and is also backed by “Shark Tank”-famous investor Kevin O’Leary, said Thursday it had delivered a proposal to ByteDance to acquire TikTok’s US assets. It did not disclose the value of the offer.
The bid comes just one day before the Supreme Court is set to hear oral arguments over whether to uphold a law that would ban TikTok in the United States starting January 19 if it is not sold, following a legal challenge from the social media company.
But the proposal could face a major problem: ByteDance has repeatedly said TikTok’s not for sale.
After President Joe Biden signed the law that could ban the app in April, ByteDance swatted …