If ByteDance wants to continue operating TikTok in the United States, it may need to divest its popular video app. If it does, it may be able to put TikTok in the hands of its creative community. Marc D’Amelio, the father of short-form stars Charli D’Amelio and Dixie D’Amelio, has revealed that he plans to put together a group of investors who will make a joint bid for TikTok ownership.
The father of two TikTok-famous D’Amelios announced his acquisition plans on Twitter. He and his family have been very active as investors in the creator economy. Charli D’Amelio has backed companies like Step, and the whole clan is involved in VC firm 444 Capital, which is looking to spend $25 million on categories like “the direct-to-consumer space, fintech, edtech, healthcare, insurtech and other B2B2C platforms.”
I am putting together a group of investors to pursue the purchase of TikTok.
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— Marc D’Amelio (@marcdamelio) March 18, 2023
The D’Amelio patriarch is keeping a close eye on TikTok’s ongoing Capitol Hill drama. He is well-versed in politics, and even ran for office in Connecticut in 2018. (He was vying for the State Senate but lost to Democratic incumbent Bob Duff.)
Even though it is facing a wide-ranging ban, TikTok has not indicated that it intends to divest from its parent company. The app has repeatedly stated that its preferred outcome is to sign the security deal that has been proposed through the Project Texas initiative.
But TikTok may not have that choice. The Committee on Foreign Investment in the U.S. (CFIUS), which has been closely involved in Project Texas negotiations, has urged ByteDance to spin off its controversial app. The Chinese corporation may need to divest TikTok if it wants to stop the bipartisan RESTRICT Act from becoming law.
That’s a lot of ifs, but in that scenario, the D’Amelio-led acquisition offer would look tempting. A deal like that would appease members of TikTok’s creator community, and the app needs allies wherever it can find them.
Before that happens, ByteDance will do what it can to avoid a TikTok sell-off. Its charm offensive is in full swing, though Marc D’Amelio and co. are considering what might happen if those negotiations fall short.
