TikTok Takeover? OnlyFans Founder & Crypto Giant Make Surprise Bid!
A surprising new bid has emerged in the ongoing saga of TikTok’s future in the U.S. Tim Stokely, the billionaire founder of OnlyFans, has partnered with the Hbar Foundation, which oversees the Hedera cryptocurrency network’s treasury, to submit a last-minute proposal to acquire TikTok from its Chinese parent company, ByteDance.
A Strategic Bid from Zoop and Hbar Foundation
Stokely’s new company, Zoop, joined forces with the Hbar Foundation to submit their intent to bid directly to the White House this week. Unlike OnlyFans, which is primarily associated with adult content, Zoop is positioned as a mainstream, family-friendly platform that prioritizes creator revenue sharing. According to Zoop co-founder RJ Phillips, the acquisition would represent more than just a change in ownership—it would usher in a new model where both creators and their communities reap the benefits of the value they generate.
“We aim to transform TikTok into a platform where creators are rewarded fairly for their contributions,” Phillips told Reuters.
Although details regarding the financial specifics and backing investors were not disclosed, Phillips confirmed that the bid is supported by a consortium of investors.
Competition in the Race for TikTok
The Zoop-Hbar Foundation bid is entering a highly competitive landscape. On the same day, reports surfaced that Amazon had also submitted a last-minute bid to acquire TikTok. Meanwhile, U.S. President Donald Trump is expected to review a proposal that could determine the app’s fate for its 170 million American users.
Under a U.S. law enacted on January 19, ByteDance faces an April 5 deadline to sell TikTok or risk a nationwide ban over national security concerns. Lawmakers worry that TikTok’s Chinese ownership could make it vulnerable to influence from the Beijing government, potentially enabling propaganda or data collection operations targeting the U.S. However, TikTok advocates argue that banning the app would infringe on Americans’ First Amendment rights, restricting access to foreign media.
The White House’s Role in the Sale
Since taking office in January, Trump has delayed enforcement of the law until April 5, allowing time for potential deals to materialize. He has suggested that the deadline could be extended further if necessary. Reports indicate that negotiations are centering around the idea of increasing the stakes of ByteDance’s largest non-Chinese investors, effectively transferring TikTok’s U.S. operations to American ownership.
Last month, Trump mentioned that four different groups were in discussions regarding a possible acquisition of TikTok, though he did not specify the interested parties. In an unprecedented role, the White House—led by Vice President JD Vance—has been actively managing the negotiations, effectively acting as an investment bank in the high-stakes auction of TikTok’s U.S. operations.
As the deadline approaches, all eyes remain on Washington to see which bid, if any, will secure the future of TikTok in America.