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.

A group led by Kevin O'Leary and billionaire Frank McCourt said it had submitted a bid for TikTok to the video app's Chinese owner Bytedance.

Shark Tank's billionaire entrepreneur and former Los Angeles Dodgers owner Frank McCourt has made a formal offer to buy TikTok.