What will billionaire Frank McCourt actually do with TikTok?

People don’t know what they don’t have until you sell it to them, right? And I’m very convinced that when people see that there’s a version of TikTok 2.0, where they regulate their own algorithm, are accountable, own themselves and analyze their data and get value for it, people will demand it. They will rush to it. It’s a much better model.

We could debate this all day, but we’ll be the ones taking the risk. We’re the ones throwing money and saying this will work. ByteDance could shut it down, or they could get the money for the platform and wish us luck.

Right now, TikTok is associated with certain types of content, such as dances, silly videos, and a younger audience. Do you intend for the new version of TikTok to maintain this focus?

Well, I think the Gen Z user base is essential to keeping them engaged, because young people are the ones who create the culture. And TikTok is a culture builder, if there ever was one. But I want to add that recent polls show this 47% of Generation ZEven though they use it several hours a day, they wish it had never been invented. Because of the extreme nature of addiction, and how they sometimes feel after spending so much time. So let’s create a healthier version, one that’s a very polished app, easy to use, and looks very similar to the way it looks now. But the users are responsible.

Do you think giving teens full control without a manipulative algorithm will help them reduce their screen time?

I believe that once control is put in the hands of individuals, people will make their own choices. Some will make good choices, others will make bad choices. But what’s really important is that when you’re talking about young people, parents need to have some ability to be parents. Young people need guidance. They need to be parents, and it’s very difficult now for parents to compete (with the algorithm).

So we need to step back. Tik Tok is awesome. We want to keep it alive. Let’s build a better version of it. But you know what: Healthy teens are great, too. Being a good parent is great too. Individual human rights and their protection are also great. Protecting American citizens is also great.

If TikTok’s appeal to the Supreme Court takes a while, will you still want to buy the app, even if it’s months or years from now?

Yes, we are ready to do so whenever that happens. What’s just a great coincidence to me here is that this legislation happened and that TikTok might be up for grabs. Because moving 170 million people to a new package will stimulate this alternative Internet that is upgraded very quickly. Right now, one of the big problems we have is that we discuss things on this Internet, but until there is another option, people are kind of stuck.

I compare this to large-scale human physical migration. There are people who live in very difficult places – in the case of my ancestors, there was a famine – and they really want to go somewhere else. But there is a second condition required, which is that you need a place to go. Nowadays, people are becoming wiser to the harms of the current internet, and the fact that they are being exploited and not being properly or fairly rewarded. But nothing will happen unless there is an alternative and a place to go.