Breaking news: An American billionaire aims to acquire TikTok, driving $DOT growth by over 17%.

Frank McCourt, a former owner of the Dodgers, leads a consortium to buy a TikTok division in the US. He plans to implement a decentralization protocol and Polkadot's Frequency parachain. TikTok, with 170 million users, faces US government pressure due to security concerns and ties to China.

McCourt's initiative, "Project Freedom," represents US corporate interests. Collaborating with Guggenheim Securities and Kirkland & Ellis, McCourt aims to expand user rights by transitioning TikTok to an open-source protocol.

He plans to rebuild TikTok using DSNP and Polkadot Frequency parachain. This decentralization initiative aims to give users control over their data and shape the future of the Internet.

Polkadot supporters see this as evidence of blockchain network progress. $DOT token surged by over 17% following the announcement, reaching $7.65 on Wednesday.