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.

Entrepreneur and former Los Angeles Dodgers owner Frank McCourt's Project Liberty and its consortium of partners in The People's Bid said on Thursday they proposed to make a formal bid to ByteDance to buy TikTok's U.

McCourt wants to build a decentralized version of the internet where individual users, rather than tech companies, own the reams of data spawned by their online lives.

Billionaire entrepreneur Frank McCourt details what will happen when his offer with Kevin O'Leary to buy TikTok could be accepted and they begin negotiations with ByteDance.

Businessman Frank McCourt is "open-minded" to keeping TikTok's existing investors, including the founder, involved after any deal to buy the U.S. operations of the Chinese-owned short-form video app,