Billionaire businessman and real estate mogul Frank McCourt announced Tuesday that his Project Liberty organization is building a consortium to buy TikTok’s U.S. business.

McCourt is working with the investment bank Guggenheim Securities to organize the bid “with the goal of placing people and data empowerment at the center of the platform’s design and purpose,” Project Liberty announced on Tuesday.

If the sale is successful, McCourt said his plan is to “rearchitect” TikTok’s platform and allow U.S. users “to reclaim agency over their digital identities and data by proposing to migrate the platform to a new digital open-source protocol.”