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Fri, Apr 18, 2025, 8:46 AM 3 min read
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Tim Stokely, the founder of subscription content platform OnlyFans, has submitted a last-minute bid to acquire TikTok's U.S. operations.
Stokely's offer comes through Zoop, a social media platform he helped launch. It is in partnership with the HBAR Foundation, which oversees the treasury of the Hedera cryptocurrency network.
The bid promises to radically change how creators earn on the platform by distributing 80% of ad revenue directly to content creators and users, according to a press release obtained by Fortune.
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The proposal is among several submitted to the White House following the passage of the Protecting Americans from Foreign Adversary Controlled Applications Act.
It requires TikTok's China-based parent company ByteDance to divest the app or face a ban in the U.S. The legislation was signed into law by then-President Joe Biden in April 2024, with an initial divestment deadline of Jan. 19.
President Donald Trump extended the deadline by 75 days and issued another extension in March, pushing the deadline to June 19. Trump told reporters in March that he had spoken with four interested buyer groups but did not name them, according to Bloomberg.
The U.S. government's concerns center on national security. Lawmakers argue that ByteDance's ownership could allow Beijing to access Americans' user data or influence content. China has said any deal involving TikTok would need to comply with its export control laws.
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Zoop’s proposal introduces a decentralized approach to content distribution, grounded in Web3 principles. In a statement to Wired on April 2, co-founder RJ Phillips explained that the platform aims to transform the social media economy. It seeks to enable creators and active users to receive the majority of advertising revenue.
"Our bid for TikTok isn't just about changing ownership," Phillips said. "It's about creating a new paradigm where both creators and their communities benefit directly from the value they collectively generate."
The HBAR Foundation, based in Dallas, would contribute blockchain infrastructure to support transparency and monetization.
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