OnlyFans Founder Joins Forces with HBAR Foundation in TikTok Acquisition Bid
In a surprising twist, the OnlyFans founder Tim Stokely, through his new venture Zoop, has joined forces with the HBAR Foundation to submit a bid for the popular video-sharing platform TikTok. This move comes as TikTok faces a looming April 5 deadline to either sell its U.S. operations or risk a nationwide ban due to national security concerns over its Chinese parent company ByteDance. The alliance with the HBAR Foundation, a non-profit behind the Hedera blockchain, marks an attempt to create a new ownership model that could benefit creators directly from the value they generate on the platform.
Zoop’s Revenue Model
Zoop’s business model is designed to redistribute the majority of its revenue to content creators, positioning it as a distinctly different model compared to traditional social media platforms. This approach could potentially appeal to creators and users by offering a more equitable distribution of revenue, possibly altering how social media platforms operate financially. However, it remains unclear how competitive this bid will be against other contenders, such as Amazon, which has also recently submitted an offer to acquire TikTok.
U.S. Government Involvement
The U.S. government has been pushing for TikTok’s separation from ByteDance due to concerns over data security and potential Chinese government influence. A bipartisan law passed in January requires ByteDance to divest its TikTok ownership or face a ban, though President Donald Trump has granted an extension until April 5. The White House is actively involved in evaluating proposals, with Vice President JD Vance overseeing the process.
Competitive Bidding Landscape
The bidding process has attracted several major players, including Amazon, Oracle, Microsoft, and Rumble, each aiming to secure control of TikTok’s U.S. operations. This intense competition highlights the strategic importance of TikTok, which boasts over 170 million users in the United States alone. The outcome of these negotiations could significantly impact both the future of social media and broader economic trends in digital content distribution.
The Zoop-HBAR Proposal
In assessing the viability of the Zoop-HBAR bid, it’s essential to consider the financial backing and the consortium of investors involved. While the exact value of the bid remains undisclosed, RJ Phillips, co-founder of Zoop, emphasized that their approach goes beyond a simple change in ownership to a decentralized model where creators benefit directly. This could potentially resonate with regulatory bodies looking for innovative solutions that address security concerns while fostering a more equitable digital economy.
Regulatory and Technological Implications
The competitive landscape for social media acquisition is complex, with multiple bidders offering different visions for TikTok’s future. As the deadline approaches, attention will focus on whether the Trump administration will extend the deadline further or approve one of the bids, shaping not only TikTok’s fate but also the broader digital landscape in the United States.
Future of TikTok and Blockchain Integration
Ultimately, the success of any bid will depend on its ability to address national security concerns while providing a compelling vision for TikTok’s future. The involvement of a crypto foundation like HBAR suggests a potential integration of blockchain technology, which could offer novel solutions for data management and creator compensation. However, how these elements align with U.S. regulatory requirements and user expectations remains to be seen, as the April 5 deadline draws closer.
