HBAR Foundation and OnlyFans Founder Join Forces in Bid to Buy TikTok
The HBAR Foundation and Zoop, a startup launched by the founder of OnlyFans, have submitted a bid to acquire TikTok. Their vision is to create a platform where content creators receive a direct share of the revenue.
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Zoop, a startup founded by OnlyFans creator Tim Stokely, and the HBAR Foundation, backers of the Hedera blockchain, have reportedly submitted a bid to acquire TikTok from the Chinese company ByteDance, according to Reuters.
The bid was submitted to the White House ahead of the April 5 deadline, by which TikTok must either be sold or face a ban in the United States due to national security concerns.
Zoop positions itself as a family-friendly social media platform with a focus on fair compensation for content creators. Together with the HBAR Foundation and Hedera blockchain, the company aims to introduce a model where creators can earn a greater share of the revenue generated on the platform.
Zoop and HBAR Partnership: A Move Toward a Decentralized Model
Zoop, the startup launched by Tim Stokely after OnlyFans, focuses on creating a transparent economy for content creators. The company is now proposing an alternative model for the massively popular social platform TikTok, aiming to help creators and communities monetize their activity more directly and fairly.
Our bid for TikTok isn't just about changing ownership, it's about creating a new paradigm where both creators and their communities benefit directly from the value they generate,
said Zoop co-founder RJ Phillips in a comment to Reuters.
In its press release, the HBAR Foundation stated that the current model used by major tech companies allows them to keep up to 90% of total profits, leaving creators with only a small share. The proposed model seeks to change that dynamic.
HBAR, the native token of the Hedera network (listed on WhiteBIT), dropped around 2.2% following the announcement. The decline came as part of a broader downturn in the crypto market, triggered by new tariffs introduced by Donald Trump targeting several countries.
Related: Bitcoin Hits $85K Again as Traders Eye U.S. Tariff Risks
TikTok Under Pressure as Sale Deadline Nears
ByteDance has until April 5 to sell TikTok or shut down its operations in the United States under a law that took effect on January 19. Specifically, the law allows for a possible ban on TikTok if it remains under Chinese control, which has raised concerns about potential influence from the Chinese government.
Related: What’s Going on With TikTok and What It Means for Crypto
President Donald Trump, who returned to office in January, granted a 75-day delay to allow time for a potential deal arrangement. For example, in March, he confirmed that he was reviewing four bids for TikTok, without naming the parties involved. Reuters reported that the Trump administration reviewed one of the proposals on April 3.
Competition: Zoop Isn’t the Only Bidder
According to The New York Times, Amazon has reportedly submitted its own bid to acquire TikTok. Other potential buyers that have been mentioned in the past include Oracle, Microsoft, and the video platform Rumble. Moreover, sources cited by Reuters also note that several of ByteDance’s largest non-Chinese investors are involved in the effort to purchase TikTok’s U.S. operations.
Related: Is TikTok Going Blockchain? Reddit’s Co-Founder Joins the Race to Buy It
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