- Tim Stokely , the founder of the adult content social-media platform OnlyFans, and the crypto-focused Hbar Foundation submitted an eleventh-hour bid to purchase TikTok this week. The intent to bid was made by Zoop, a social-media app Stokley co-founded with entrepreneur RJ Phillips. Zoop wants to buy the short-form video platform to democratize revenue streams for its creators and users, according to Phillips.
Tim Stokely, who founded the adult-content social media platform OnlyFans, along with the Hbar Foundation, which focuses on cryptocurrencies, made a late-week offer to acquire TikTok from its current owner, ByteDance. Reuters reported Thursday.
Zoop, an additional social networking site co-founded by Stokely, along with the Hbar Foundation, which manages the Hedera cryptocurrency network’s funds, expressed their intention to submit a bid.
Although OnlyFans specializes in adult material, Zoop remains mainstream and aligns with other social media platforms regarding content. As per its website The application adopts a democratic stance on social media, asserting that it will allocate 80% of its advertising revenue to both creators and users.
“Zoop co-founder RJ Phillips stated that our offer for TikTok goes beyond merely altering ownership; it’s about establishing a new model where creators and their communities can directly reap rewards from the collective value they produce.” release obtained by .
As Washington takes on the role of an auctioneer, various bids for acquiring the platform are directed to the White House, with ByteDance required to finalize a sale by April 5th. Failure to do so would result in banning the app’s 170 million American users from using TikTok starting from January as per new legislation. Although Trump had pushed back the possible ban date into spring to allow more time for finding a buyer, he has indicated his willingness to push the deadline even later if necessary.
Legislators have highlighted national security issues related to the app's ownership in China and its potential obligation to the Chinese government. They argue that Beijing might leverage the application to exert influence within the United States.
With the TikTok contest approaching its April 5 deadline, big names like Microsoft , Oracle , Perplexity AI, Elon Musk, and MrBeast have shown an interest in purchasing the platform.
Last month, Trump mentioned he was engaged in discussions with four different groups regarding a possible agreement, without specifying them. Furthermore, Amazon It was reportedly said that they made a last-minute offer for the U.S. operations of the short-form video application.
Zoop told Wired The bid represents "a David versus Goliath struggle against conventional social media behemoths," aiming to support content creators.
"We aim to reshape the industry in a manner we believe is fair," Phillips stated. Wired Content creators attract readers to the platform, so they deserve to receive the major portion of advertising income.
“He further stated that those who interact with the content should reap the benefits as well.”
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