A new venture led by Tim Stokely, the creator of OnlyFans, a platform known for adult content, has teamed up with a cryptocurrency foundation to propose an advanced strategy to purchase the short video-sharing app TikTok from its Chinese owner, ByteDance. The collaborative effort by Zoop, Tim Stokely's latest business venture, and the Hbar Foundation, which oversees the treasury of the Hedera cryptocurrency network, was revealed on Wednesday.
Although OnlyFans has a focus on adult content, Zoop distinguishes itself as a platform suitable for all audiences and allocates the majority of its earnings to its content creators as a way to reward them for boosting user interaction on the site.
According to Zoop co-founder RJ Phillips, their bid for TikTok aims not only to change ownership but also to introduce a fresh approach where both creators and their communities directly benefit from the value they bring. Phillips disclosed that the partners have been collaborating with a group of investors, though specifics about the bid or the supporters were not disclosed.
In a recent development, Amazon has reportedly made a last-minute bid to acquire TikTok, as reported by the New York Times. The decision on the fate of the app, which is used by 170 million Americans, is in the hands of U.S. President Donald Trump, who is expected to review a proposal for TikTok on Wednesday. ByteDance is under pressure to sell TikTok by April 5 or face a ban in the U.S. on national security grounds, as stipulated by a law that came into effect on January 19.
The law, enacted with bipartisan backing last year, reflects concerns in Washington that TikTok's Chinese ownership could make it subject to influence from the Chinese government, potentially leading to activities against U.S. interests.
Advocates of TikTok argue that the ban could unlawfully restrict Americans from accessing foreign media, which might go against the First Amendment of the U.S. Constitution guaranteeing freedom of speech.
President Trump, who postponed the law's enforcement until April 5, has been engaged in negotiations to facilitate a deal concerning TikTok since assuming office in January. The proposal being considered involves major non-Chinese investors in ByteDance increasing their shares and acquiring TikTok's U.S. operations, according to reports from Reuters.
Trump mentioned previously that his administration was in discussions with four different parties about a potential TikTok deal without specifying them. In the sale of TikTok, the White House essentially assumes the role of an investment bank, with U.S. Vice President JD Vance overseeing the auction.