Tiktok logo on a cellphone screen. against the backdrop of the satin waves of the American and Chinese flags. Source: sf_freelancer - stock.adobe.com

Key Takeaways:

Zoop and the HBAR Foundation have jointly submitted a bid to acquire TikTok’s U.S. operations amid increasing regulatory pressure.
Their proposal aims to empower creators and communities through a new ownership model, leveraging blockchain via the Hedera network.
The bid aligns with a 2024 U.S. law mandating TikTok’s Chinese owner ByteDance to divest, with a compliance deadline set for April 5.

Zoop, a social app founded by OnlyFans creator Tim Stokely, has partnered with the HBAR Foundation to bid for TikTok’s U.S. operations.

Their joint proposal, submitted to the Trump administration, enters a competitive field of potential buyers that includes Amazon, Microsoft, Oracle, and Rumble.

A startup run by Tim Stokely, founder of adult content social media site OnlyFans, has partnered with a cryptocurrency foundation to submit a late-stage plan to acquire TikTok from Chinese owner ByteDance, the two said https://t.co/FhnsVdx1Ju
— Reuters (@Reuters) April 2, 2025

This move comes in response to a 2024 U.S. law requiring ByteDance, TikTok’s Chinese parent company, to divest its American holdings due to national security concerns.

The compliance deadline was originally set for January 19, but President Donald Trump, after returning to office, granted a 75-day extension, pushing the date to April 5.

pic.twitter.com/bQNcWYJ2tD
— HBAR Foundation (@HBAR_foundation) April 2, 2025

It remains uncertain if another extension will be issued.

Overriding the divestment law would require a new act of Congress.

Zoop’s co-founder, RJ Phillips, emphasized that their bid aims to create a new model where creators and communities directly benefit from the value they generate.

The HBAR Foundation, affiliated with the Hedera blockchain network (valued at over $7.3 billion), publicly signaled interest by posting TikTok’s logo on X on April 2.

If successful, this acquisition could blend social media with decentralized technologies, potentially reshaping how platforms reward users and manage data.