Hedera’s HBAR Foundation, in partnership with Tim Stokely, founder of OnlyFans, has made a late-stage bid to acquire the popular social media app TikTok from its Chinese parent company ByteDance.
Author: Sahil Thakur
Hedera’s HBAR Foundation, in partnership with Tim Stokely, founder of OnlyFans, has made a late-stage bid to acquire the popular social media app TikTok from its Chinese parent company ByteDance. The proposal, submitted through Stokely’s new venture Zoop, was sent to the White House earlier this week. This, according to a report by Reuters.
Zoop, a family-friendly crowdfunding platform, positions itself differently from Stokely’s previous venture, OnlyFans, which is widely associated with adult content. In contrast, Zoop focuses on mainstream content and rewards creators for driving user engagement.
The bid represents a shift toward a more creator-centric platform model. Zoop co-founder RJ Phillips emphasized that their vision for TikTok is not just about changing ownership but about creating a system where creators and their communities benefit directly from the value they generate.
According to Phillips, the team is working with a consortium of investors to secure the deal. However, he did not disclose specifics regarding the bid or the investors backing it.
In a joint press release, the HBAR Foundation and Zoop highlighted their intention to challenge the conventional big tech revenue model. They aim to reduce the disparity where platforms often capture up to 90% of revenue, leaving creators with a small share. Their vision is to create a platform where creators have greater financial participation and ownership.
The HBAR Foundation confirmed to CoinDesk that it has submitted the bid with Zoop, reinforcing its strategic initiative to promote a decentralized, creator-first economy. The use of Hedera’s blockchain infrastructure would potentially provide a transparent and fair distribution of revenue to creators.
Hedera and Zoop are not the only parties interested in acquiring TikTok. Online retail giant Amazon has also submitted a last-minute offer, according to The New York Times. The race to acquire TikTok comes amid political pressure from the U.S. government, which has mandated ByteDance to sell the app’s U.S. operations by April 5, or face a ban due to national security concerns.
The deadline follows a law passed last year reflecting fears that TikTok’s Chinese ownership could enable Beijing to manipulate content or conduct surveillance. ByteDance faces increasing scrutiny as the deadline looms, with the actively facilitating the sale discussions.
U.S. President Donald Trump has been involved in overseeing the process, while U.S. Vice President JD Vance is managing the auction. Trump had previously indicated that four different groups were in discussions for the acquisition, but did not specify their identities.
Acquiring TikTok would mark a significant expansion for both Hedera and Zoop. For Hedera, it would be a strategic move to integrate blockchain technology into mainstream social media, potentially leveraging Hedera’s distributed ledger for content verification and revenue distribution.
For Zoop, acquiring TikTok would represent a transformative step in building a global, creator-driven platform. Zoop’s vision contrasts with the traditional social media model by allowing creators to receive a larger portion of the revenue generated from their content.
If successful, the acquisition could redefine how social media platforms distribute revenue and manage creator engagement. It would challenge existing big tech models that often prioritize platform profits over creator earnings. Additionally, integrating blockchain technology into TikTok’s ecosystem could introduce transparency and a fairer revenue model, potentially setting a new standard for social media economics.
As the bidding process unfolds, all eyes remain on the White House, where a decision regarding TikTok’s future is expected soon. The outcome could reshape the landscape of both social media and decentralized finance, as Hedera and Zoop seek to bring a blockchain-driven approach to one of the world’s most popular apps.
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