TLDR
- In a last-minute move, OnlyFans' Tim Stokely and the HBAR Foundation have put in an offer to purchase TikTok's US operations.
- With the date looming, April 5 marks the deadline for TikTok to be sold or banned under US national security regulations.
- In addition to other tech giants, Amazon is among those submitting last-minute offers, joining Microsoft, Walmart, and Oracle.
- President Trump is actively reviewing acquisition proposals with Vice President J.D. Vance managing the negotiation process.
- Tim Stokely's new project, Zoop, is designed to prioritize creators by returning a large portion of revenue to the content creators themselves.
As the deadline draws near, OnlyFans founder, in collaboration with the HBAR Foundation, has proposed a late-stage offer for TikTok, intensifying the competition among potential buyers.
Zoop, Stokely’s latest initiative, positions itself as a mainstream, family-friendly network that offers significant revenue sharing to its content creators. Meanwhile, the HBAR Foundation is responsible for the Hedera blockchain, a prominent US-based cryptocurrency platform.
\"Our goal with this bid is more than a simple ownership shuffle; it's about forging a new framework where both creators and their communities can directly reap benefits,\" co-founder RJ Phillips of Zoop shared with Reuters.
Facing legal pressures due to concerns over national security, TikTok might be subject to a looming ban in the US unless ByteDance divests the platform.
A Growing List of Potential Buyers
The New York Times reveals Amazon’s recent entry into the pool of last-minute bidders looking to acquire TikTok, though some insiders perceive the bid with skepticism.
Tech giants like Microsoft, Walmart, and Oracle aren't alone, as Reddit co-founder Alexis Ohanian has teamed up with Frank McCourt on a blockchain-infused TikTok offer.
The speculation about Elon Musk's interest in acquiring TikTok was dismissed as unfounded rumors earlier this year.
In this crucial sales process, the White House is embracing a role akin to that of a financial advisory firm, with VP J.D. Vance orchestrating the proceedings under the watchful eye of President Trump.
Prioritizing Creators on Social Media Platforms
Phillips emphasized A central tenet of Zoop is to restore agency to creators, with the company asserting that platforms should simply facilitate connection without impeding creators’ sources of income.
Zoop’s model appears tailored to resonate with TikTok's massive US user base, a community where creators have thrived in building audiences and earning an income.
Security questions could see some respite with the involvement of the HBAR Foundation, with the firm stressing Hedera's credentials as a "secure, transparent, and enterprise-grade public ledger" rooted in the US.
Just days before the deadline, President Trump convened with officials to explore potential paths forward for TikTok's future, even deferring application of the ban to thoroughly evaluate security dynamics and potential buyers.
Opponents of TikTok suggest Beijing might leverage the app for espionage or misinformation efforts, though ByteDance adamantly refutes such allegations.
Proponents for TikTok in the US argue that a ban would infringe on Americans’ rights to access international content, potentially contravening the First Amendment focusing on free speech.
In a recent update, Trump disclosed ongoing discussions with several groups about future TikTok ownership, leaving room for possible extensions beyond the impending deadline.
One proposed solution would see US investors stepping in to purchase TikTok, whilst ByteDance retains the algorithm, potentially leasing it under new regulatory conditions which demand China's approval before any transfer.
A forthcoming decision on TikTok by the Trump administration could soon redefine a cornerstone of American social media and its 170 million faithful users.
