The next is a transcript of an interview with enterprise govt Frank McCourt on “Face the Nation with Margaret Brennan” that aired on Dec. 8, 2024.
MARGARET BRENNAN: A panel of federal judges in DC final week upheld a brand new legislation that would successfully ban the favored social media app TikTok by mid-January if its Chinese language homeowners don’t promote it to a brand new purchaser. Frank McCourt, the Govt Chairman of McCourt International, and founding father of Mission Liberty, is among the potential consumers, and he joins us now. Good to see you right here.
FRANK MCCOURT: Good morning.
MARGARET BRENNAN: So TikTok says, effectively, they could go to the Supreme Court docket on this one. If they do not, their dad or mum firm, ByteDance, has mentioned they are not fascinated with promoting. Do you may have any indication that they are going to and that the incoming Trump administration would help somebody such as you shopping for it?
FRANK MCCOURT: Properly yeah, I feel the place we are actually, Margaret, is, there’s three choices. You recognize, one is an attraction. Our legal professionals inform us there’s little or no likelihood of a profitable attraction by Bytedance, robust bipartisan laws, a 3 to zero vote by the three by the appellate court docket. So now that leaves us with two, a ban or a sale. We do not wish to see it banned. I would add that President- President-elect Trump, has additionally mentioned he does not wish to see it banned. So now let’s discuss in regards to the sale. So we have been working for the final eight months on the belief that the laws could be upheld and that there could be a sale. In order that’s the place we’re proper now, and we’re working very, very exhausting to be ready to purchase the US portion of TikTok so it isn’t shut down.
MARGARET BRENNAN: So what’s that value to you? There are estimates it may very well be as excessive as $200 billion in value.
FRANK MCCOURT: $200 billion could be extra extra within the vary of what the whole lot of the platform is value, not simply the US piece. And let’s be clear, the Chinese language authorities has mentioned they are not promoting the algorithm. They view that as IP of the nation. So US Tiktok is a chunk of bytedance. If it is offered, will probably be offered with out an algorithm. So the worth shall be far, far lower than 200- $200 billion. We’ve circled over $20 billion to be ready, and we’re very critical about elevating no matter capital is required to purchase the platform and and to be clear, yeah, we’re seeking to transfer the 170 million customers over to a brand new protocol the place the people will personal and management their id and their knowledge. We’re not seeking to replicate the present model.
MARGARET BRENNAN: So let’s speak about that. As you mentioned, 170 million Individuals use TikTok, particularly younger folks. US legislation prohibits international management of mass media, however this social media house is form of a loophole right here. There aren’t plenty of governing guidelines on this house. Do you suppose Congress wants to put in writing new guidelines of the role- of the highway to ban international possession and to place restrictions on even homeowners such as you?
FRANK MCCOURT: I feel we have to improve our laws and our insurance policies. There is not any doubt about that. However much more importantly, we have to repair the expertise. The web is damaged, basically damaged. We heard your visitor earlier, Consultant Turner, discuss in regards to the risk from China on our telecom hack, huge hack, huge risk to Individuals.
MARGARET BRENNAN: They usually’re nonetheless within the telecom system.
FRANK MCCOURT: Completely. And we heard your latest company, Representatives Kelly and Crow, discuss in regards to the deluge of misinformation and disinformation, the truth that it is a very harmful world proper now. The explanation why the Congress strikes so shortly with TikTok to go the laws is as a result of it’s a nationwide safety risk to Individuals, and the explanation why the judges upheld it’s for that very same motive. So let’s flip an issue into an answer by profiting from this second, transfer the 100 and 70 million customers over to a brand new protocol the place people are revered.
MARGARET BRENNAN: Do you may have a sign from President elect Trump that he desires to see an American entity purchase this? As a result of he would even have some affect within the final result.
FRANK MCCOURT: In fact, as president elect he’ll have huge affect.
MARGARET BRENNAN: Have you ever spoken to him?
FRANK MCCOURT: However President Trump is a deal maker. We all know that. I am a deal-maker. Okay? I have been doing enterprise offers my entire- my whole life. Let’s make a deal the place everyone wins, the place China’s in a position to promote the US portion of TikTok, the place Americans are protected, and the place there’s- and 170 million customers proceed to benefit from the platform. So he has mentioned he does not need it banned, which suggests a sale. And the laws and the- the appellate choice require that this platform be- be owned by Individuals. We’ve constructed a clear, bottom-up American stack to maneuver this person base over, the place there will be no Chinese language again doorways and no capacity to to benefit from Americans.
MARGARET BRENNAN: You are indicating you have constructed out some expertise you suppose that won’t permit for presidency surveillance.
FRANK MCCOURT: Right.
MARGARET BRENNAN: However are you able to, in the event you are- whoever owns that is going to be highly effective in the event you get 170 million Individuals on a platform, notably younger folks, to eat the data on this. System. So what ensures do you make? As a result of Fb and Twitter, in addition they harvest details about customers. Would you?
FRANK MCCOURT: Yeah, effectively, that is precisely what we do not wish to do. So the explanation why we wish to transfer folks to a brand new stack the place you’ll be able to’t harvest with out permission, so people will personal and management their id and their knowledge permission its use, will even have an web that respects folks versus exploits them. Think about empowering folks. And to be clear, Margaret, I am not seeking to be the CEO of TikTok. We name it the folks’s bid, as a result of we wish this to empower folks and to cease this nonsense the place we’re exploiting folks by scraping their knowledge and profiting from them, and within the case of Tiktok, truly making a nationwide safety risk.
MARGARET BRENNAN: Elon Musk, who owns X, previously referred to as Twitter, now has raised issues about content material moderation, limiting free speech. Do you share that concern, and what restrictions would you placed on paid political adverts?
FRANK MCCOURT: I discussed earlier that we’d like higher insurance policies, for certain, however we’d like higher tech proper now. We’ve a tech stack that is constructed and these large apps scrape our knowledge and exploit it. Why not flip the facility? Why not truly give folks their knowledge again. Our knowledge is our personhood on this age, allow us to determine use it. Allow us to every determine what moderation we’re comfy with, what censorship we’re comfy with, what privateness.
MARGARET BRENNAN: Okay, so the Surgeon Basic says you want a warning label, as a result of that is damaging the psychological well being of younger folks on this nation. Ought to folks underneath the age of 16 have entry?
FRANK MCCOURT: Below the present tech stack, I agree with the Surgeon Basic, underneath a brand new expertise. Hear, I am a builder. My household has been constructing for 5 generations. That is an engineering drawback that may be fastened. Let’s take this ban of TikTok, this huge nationwide safety drawback and switch it into an answer for Individuals. Let’s make it a win, a win, win.
MARGARET BRENNAN: Properly, mid-January, we are going to see what occurs on this case, and we are going to watch your potential bid right here. Thanks for becoming a member of us. We’ll be again in a second.
