In a bold move to disrupt the social media landscape, Tim Stokely, the founder of OnlyFans, has partnered with the Hbar Foundation—a key player behind the Hedera cryptocurrency network—to submit a late-stage bid to acquire TikTok. The proposal, submitted this week to the White House, marks a significant attempt to shift the ownership of the popular video-sharing app from Chinese owner ByteDance.
Zoop, Stokely’s new startup, aims to redefine the digital content space by offering a platform where creators are the primary beneficiaries. Unlike OnlyFans, which has been associated with adult content, Zoop is designed to be mainstream and family-friendly, returning the majority of its revenues to creators based on user engagement. According to Zoop co-founder RJ Phillips, the bid for TikTok is not just about taking control but about creating a “new paradigm” where both creators and their communities directly benefit from the value they generate.
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The partners behind the bid have been quietly working with a group of investors, though details on the financial backing remain undisclosed. Meanwhile, Amazon has also entered the race with a last-minute offer to acquire the app, intensifying the competition.
TikTok’s fate remains uncertain as U.S. President Donald Trump is expected to make a critical decision on April 5 regarding the app’s future in the United States. ByteDance faces a deadline to either divest TikTok’s U.S. operations or face a potential national security ban under a law passed in January. This legislation, with bipartisan support, raises concerns about TikTok’s ties to the Chinese government and its potential to be used for influence operations in the U.S.
While TikTok advocates argue that such a ban would violate First Amendment rights, the Trump administration’s intervention could lead to a sale that alters the app’s ownership structure significantly. Current talks suggest that the largest non-Chinese investors in ByteDance may take the reins of TikTok’s U.S. operations.
As the clock ticks toward the April 5 deadline, the White House is managing the sale process, with Vice President JD Vance overseeing what is quickly becoming a high-stakes auction. With multiple players vying for control, the next few days could determine the future of one of the world’s most influential social media platforms.
