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.

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.

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,

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.