- Tim Stokely, the founder of the adult content social-media platform OnlyFans, and the crypto-focused Hbar Foundation submitted an eleventh-hour bid to purchase TikTok this week. The intent to bid was made by Zoop, a social-media app Stokley co-founded with entrepreneur RJ Phillips. Zoop wants to buy the short-form video platform to democratize revenue streams for its creators and users, according to Phillips.
Tim Stokely, the founder of the adult content social-media platform OnlyFans, and the cryptocurrency-focused Hbar Foundation submitted a last-second bid this week to buy TikTok from Chinese owner ByteDance, Reuters reported Thursday.
The intent to bid was made by Zoop, another social media platform Stokely had a hand in founding, and the Hbar Foundation, which oversees the Hedera cryptocurrency network’s treasury.
While OnlyFans is known for adult content, Zoop is mainstream and in line with other social media platforms on a content front. According to its website, the app carries a democratized approach to social media that claims to distribute 80% of its ad revenue to its creators and users.
“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 collectively generate,” Zoop co-founder RJ Phillips said in a release obtained by Fortune.
As Washington plays the role of auctioneer, the proposals to acquire the platform are sent to the White House, and ByteDance must agree to a sale by April 5. If not, the app’s 170 million U.S. users will be banned from accessing TikTok under a law that took effect in January. While Trump extended the potential ban until the spring to find a suitor, he has previously said he could extend the deadline further if needed.
Lawmakers have emphasized national-security concerns of the app’s Chinese ownership and its duty to the Chinese government, Beijing could use the app to influence the U.S.
As the TikTok sweepstakes nears its April 5 deadline, big names like Microsoft, Oracle, Perplexity AI, Elon Musk, and MrBeast have expressed interest in acquiring the platform.
Last month, Trump said he was in talks with four different groups about a potential deal, but didn’t identify them. Additionally, Amazon reportedly made an eleventh-hour proposal for the short-form video app’s U.S. operations.
Zoop told Wired the bid is “a David vs. Goliath moment against traditional social media giants,” in an effort to empower creators.
“We want to restructure the industry in a way that we think is equitable,” Phillips told Wired. “Creators bring eyeballs to the pages, and therefore they should be the ones sharing in the lion’s share of the ad revenue.”
“Users that are engaging with that content should also be the ones benefiting,” he added.