Monday, December 23, 2024

What billionaire Frank McCourt would actually do with TikTok

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People don’t know what they don’t have until you sell it to them, right? I strongly believe that when people see a version of TikTok 2.0 where they choose their own algorithm, they are in charge, they own themselves, they analyze their data and get value from it, people will be clamoring for it. They’re in a hurry to get it done. This is a much better model.

We could debate this all day, but we would be the ones taking the risk. We are the ones who put our money where our mouth is and say it will work. ByteDance can shut it down or they can get money for the platform and wish us luck.

Nowadays, TikTok is associated with certain types of content, such as dancing, silly videos, and a younger audience. Do you intend for the fresh version of TikTok to maintain this goal?

Well, I think the Gen Z user base is critical to keeping them engaged because newborn people are creating the culture. And TikTok is a culture creator if ever there was one. But I want to add that recent research shows that for 47 percent of Gen Zeven though they apply it many hours a day, they wish it had never been invented. Due to their highly addictive nature and how they sometimes feel right after spending so much time. So let’s create a healthier version where it’s a super polished app, it’s uncomplicated to apply, and it looks very similar to what it looks like now. But users are responsible.

Do you believe that giving teens full control without a manipulative algorithm will lend a hand them reduce their screen time?

I think when you put control in the hands of individuals, people will make their own choices. Some will make good choices, some will make bad choices. But what’s really vital is that when you’re talking about very newborn people, parents need to have certain skills to be parents. Youthful people need advice. They have to be raised by their parents, and now it’s very hard for parents to compete [with the algorithm].

So we have to go back. TikTok is great. We want to keep it alive. Let’s create a better version of it. But you know what: vigorous teenagers are amazing too. Being a good parent is great too. Individual human rights and their protection are also great. The protection of American citizens is also amazing.

If TikTok’s appeal to the Supreme Court takes some time, will you still want to buy the app even if months or years pass?

Yes, we are ready to do it whenever it happens. For me, the great coincidence is that these regulations have come into force and TikTok may be up for grabs. Because moving 170 million people into the fresh stack will very quickly accelerate the development of an alternative, improved Internet. Right now, one of the biggest problems we have is that we are debating the Internet, but until there is no other choice, people are kind of stuck.

I compare it to large-scale physical migration of people. There are people who live in very hard places – my ancestors suffered from hunger – and they really want to go somewhere else. But there is a second condition, which is that you need a place to go. People are now starting to see the harm of the current Internet and the fact that they are being taken advantage of and are not rewarded appropriately and fairly. But nothing will happen if there is no alternative and no place for them to go.

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