Reddit Inc. RDDT co-founder and venture capitalist Alexis Ohanian has joined Frank McCourt's bid to acquire TikTok's U.S. operations, as competition intensifies with rival groups that include YouTube star Jimmy Donalson, aka MrBeast, tech entrepreneur Jesse Tinsley, and Wyoming investor Reid Rasner.
What Happened: McCourt announced Monday that Ohanian will serve as a strategic adviser for Project Liberty, which he calls "The People's Bid" to buy TikTok's U.S. assets, reported Reuters.
"He has that broad portfolio of experience … and a keen understanding of where social media is evolving," McCourt said about Ohanian's role.
Meanwhile, ByteDance, TikTok's Chinese parent company, remains hesitant to define the sale's terms or valuation and may choose to shut down TikTok U.S. rather than sell, the report noted..
Why It’s Important: With President Donald Trump granting a 75-day extension before a potential TikTok ban, bidders face mounting pressure to finalize a deal.
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Jeff Bezos-backed Perplexity has also reportedly made a $50 billion bid to merge with TikTok. On the other hand, Elon Musk has dismissed rumors of his interest in acquiring TikTok.
Price Action: Reddit's stock ended Monday at $162.45, rising 0.41%. In after-hours trading, it added another 0.39%, bringing its year-to-date drop to 2.09%, according to Benzinga Pro data.
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