Just 10 days before the U.S. ban on TikTok goes into effect, businessman Frank McCourt's internet advocacy nonprofit Project Liberty announced Thursday it has submitted a proposal to buy the social media site from Chinese technology company ByteDance. Project Liberty and its partners, known as "The People's Bid for TikTok," would restructure the app to exist on an American-owned platform and prioritize users' digital safety, the project said in a statement. "We've put forward a proposal to ByteDance to realize Project Liberty's vision for a reimagined TikTok – one built on an American-made tech stack that puts people first," McCourt, Project Liberty's founder, said in the statement. A Project Liberty spokesperson said the nonprofit was not disclosing the financial terms of the offer but confirmed that ByteDance has received the proposal. The Supreme Court will hear oral arguments on the ban, which was signed into law by President Joe Biden last April, on Friday.

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Persons: Frank, We've, " McCourt, ByteDance, Joe Biden, TikTok, Kirkland, Kevin O'Leary, Tim Berners, Lee Organizations: Project Liberty, Liberty, Liberty's, CNBC, U.S ., Appeals, District of Columbia Circuit, Foreign, Guggenheim Securities, Ellis Locations: U.S, American, TikTok