A startup led by Tim Stokely, founder of adult content platform OnlyFans, has partnered with a cryptocurrency foundation to present a last-minute offer to acquire TikTok from ByteDance, both parties announced on Wednesday.
- Key Players: Tim Stokely (OnlyFans founder) and Zoop (his new company), along with the Hbar Foundation managing the treasury of the Hedera cryptocurrency network.
- Offer Details: The bid was sent to the White House this week by Zoop and the Hbar Foundation, aiming to redefine creator-community value creation.
While OnlyFans is recognized primarily for adult content, Zoop focuses on rewarding content creators significantly from user engagement. “Our offer for TikTok isn’t just about changing ownership; it’s about creating a new paradigm where creators and their communities directly benefit from the value they generate,” said RJ Phillips, Zoop co-founder to Reuters.
The partners are collaborating with an investor consortium. No specifics on the offer or supporting investors were disclosed by Phillips.
Coinciding with this news, Amazon also submitted a last-minute bid for TikTok, according to the New York Times.
US President Donald Trump is expected to review proposals for TikTok on Wednesday to determine its future. ByteDance has until April 5 to sell TikTok or face a national security ban under a US law enacted January 19.
The law, backed by broad bipartisan support last year, reflects Washington’s concern over Chinese government dependency potentially turning TikTok into an influence tool against the US. TikTok defenders argue this ban unlawfully restricts American access to foreign media, violating First Amendment free speech rights.
Trump postponed the law’s implementation to April 5 after his inauguration to facilitate negotiations. He has indicated willingness to extend the deadline if necessary.
Discussions around TikTok have centered on plans for non-Chinese major ByteDance investors to increase their stakes and acquire US operations of the app, reports Reuters.
