OnlyFans Founder and HBAR Foundation Submit Late Bid for TikTok

TLDR

• OnlyFans founder Tim Stokely and the HBAR Foundation submitted a late-stage bid to acquire TikTok’s US operations
• The April 5 deadline for TikTok’s sale or ban is approaching under a US national security law
• Amazon also submitted a last-minute bid to join other potential buyers including Microsoft, Walmart, and Oracle
• President Trump is reviewing proposals with VP J.D. Vance overseeing the process
• Stokely’s new venture, Zoop, emphasizes a creator-first approach that would give back majority of revenue to content creators

Tim Stokely, the founder of OnlyFans, has partnered with the HBAR Foundation to submit a late bid for TikTok’s US operations as the April 5 deadline looms. The bid was submitted this week to the White House, adding to a growing list of potential buyers for the popular video-sharing platform.

Stokely’s new venture, Zoop, describes itself as a mainstream, family-friendly platform that gives back the majority of its revenue to content creators. The HBAR Foundation manages the treasury of the Hedera blockchain, a US-based cryptocurrency network.

“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.

The bid comes as TikTok faces a potential ban in the United States under a law that took effect on January 19. The legislation requires ByteDance, TikTok’s Chinese parent company, to sell the platform due to national security concerns.

A Growing List of Potential Buyers

Amazon has also reportedly placed a last-minute offer to buy TikTok, according to the New York Times. However, sources claim the Amazon bid is not being taken seriously.

Other companies that have expressed interest in acquiring TikTok include Microsoft, Walmart, and Oracle. In March, Reddit co-founder Alexis Ohanian joined a bid led by businessman Frank McCourt, proposing to integrate TikTok into blockchain infrastructure.

Previous rumors that Elon Musk might take over the platform were dismissed in January as “pure fiction.”

The White House is playing the role of an investment bank in this high-profile sale. Vice President J.D. Vance is running the auction process, with President Trump overseeing the final decision.

Creator-First Approach to Social Media

Phillips emphasized that Zoop’s vision for TikTok would focus on giving more power back to content creators. “Tech platforms for businesses like this should merely be the facilitator for creators. Creators have a hard enough time making steady income,” he said.

Zoop’s approach could potentially resonate with TikTok’s 170 million American users. The platform has created opportunities for many creators to build audiences and generate income.

The HBAR Foundation’s involvement might also address some security concerns. The company’s statement highlights that Hedera operates as “a secure, transparent, and enterprise-grade public ledger” based in the United States.

President Trump met with officials on April 2 to discuss proposals for TikTok. Trump delayed enforcement of the law until April 5 to reassess security implications and allow time to find a buyer.

Critics argue that Beijing could exploit TikTok to conduct surveillance or spread disinformation. ByteDance has repeatedly denied these claims.

TikTok advocates argue that a ban would unlawfully restrict Americans from accessing foreign media. They claim this violates the First Amendment of the U.S. Constitution, which guarantees freedom of speech.

Trump has said his administration is in touch with four different groups about a potential TikTok deal. He also mentioned that he could extend the deadline further if needed.

One potential arrangement could involve American investors purchasing TikTok while ByteDance retains ownership of the algorithm and leases it to the buyer. China has not indicated it would approve selling the app’s algorithm, which would require government approval under restrictions introduced in 2020.

The Trump administration’s decision on TikTok’s fate is expected soon. Whatever the outcome, it will affect the future of one of America’s most popular social media platforms and its 170 million users.