In a surprising late-stage development in the ongoing saga surrounding the ownership of short-video platform TikTok, a startup founded by Tim Stokely, the creator of adult content site OnlyFans, has teamed up with a Hbar Foundation to submit a bid to acquire the popular app from its Chinese owner, ByteDance. Reuters reported on Wednesday.
The startup, named Zoop, has partnered with the Hbar Foundation, which manages the treasury for the Hedera cryptocurrency network, to present their acquisition plan to the White House this week. While Stokely’s previous venture, OnlyFans, is primarily known for adult content, Zoop is positioned as a mainstream, family-friendly platform with a unique revenue-sharing model that gives the majority of earnings back to its content creators based on user engagement.
“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” Zoop co-founder RJ Phillips told Reuters. Phillips also indicated that the partnership has been working with a group of investors, though specific details about the bid and the backing remain undisclosed.
This unexpected bid emerges as TikTok faces an April 5th deadline to either divest its US operations or face a ban in the United States due to national security concerns. US lawmakers have expressed worries that TikTok’s ownership by ByteDance could make it susceptible to influence from the Chinese government.
While the Zoop-Hbar Foundation bid presents a new contender, other potential scenarios have been circulating, including a plan for ByteDance’s largest non-Chinese investors to increase their stakes and acquire TikTok’s US operations, Reuters said. Amazon also reportedly submitted a last-minute offer, according to the New York Times.
While the specifics of how the Hedera cryptocurrency network might be integrated into TikTok under this potential new ownership remain unclear, it raises the possibility of incorporating blockchain technology or cryptocurrency-based features into the platform. This could potentially align with Zoop’s creator-centric model, perhaps offering new ways for creators to monetize their content or engage with their audience through digital assets.
The White House is reportedly playing a significant role in navigating the complex TikTok situation, with US Vice President JD Vance said to be overseeing the process.
This post was originally published on this site be sure to check out more of their content.
