OnlyFans Founder and Crypto Foundation Make Last-Minute Play for TikTok

OnlyFans Founder and Crypto Foundation Make Last-Minute Play for TikTok

TLDR:

• OnlyFans founder Tim Stokely and HBAR Foundation submitted a late bid for TikTok’s US operations
• April 5 deadline approaches for ByteDance to sell TikTok or face US ban
• Amazon, Microsoft, Walmart, and others have also shown interest in acquiring TikTok
• Reddit co-founder Alexis Ohanian joined a bid with plans to bring TikTok on-chain
• President Trump and VP Vance are reviewing proposals ahead of the looming deadline

Tim Stokely, the founder of OnlyFans, has teamed up with the HBAR Foundation to submit a last-minute bid to acquire TikTok’s US operations.

The bid comes as ByteDance, TikTok’s Chinese parent company, faces an April 5 deadline to either sell the platform or see it banned in the United States.

The offer was submitted by Zoop, Stokely’s new social media venture co-founded with RJ Phillips. Phillips serves as CEO and has a background in influencer marketing strategy. The HBAR Foundation manages the treasury of the Hedera blockchain.

For Zoop, this bid “represents a David vs. Goliath moment against traditional social media giants by endorsing a creator-first revolution,” according to a statement shared with WIRED. The company aims to put power back in the hands of creators through better revenue sharing arrangements.

A Growing Field of Interested Buyers

Stokely and the HBAR Foundation join a crowded field of potential buyers vying for control of the wildly popular app. TikTok currently has over 170 million American users.

Amazon submitted its own last-minute bid this week. According to The New York Times, however, the Amazon offer is not being taken seriously by decision makers.

Other companies that have previously expressed interest include Microsoft, Walmart, and Oracle. One potential deal reportedly involves bringing on US investors including Larry Ellison’s Oracle and private equity firm Blackstone.

Reddit co-founder Alexis Ohanian has also joined a bid led by billionaire businessman Frank McCourt. Ohanian will serve as a strategic advisor specializing in social media, with plans to bring TikTok on-chain.

Perplexity AI has also advocated for taking over TikTok. The San Francisco-based AI developer has claimed it is the best choice for an American company to acquire the platform.

White House Involvement in the Sale Process

“The process is actually very unique; it’s being run by the White House and not by ByteDance,” Phillips told WIRED. President Donald Trump met with officials on April 2 to discuss proposals for TikTok, just days ahead of the April 5 deadline.

Vice President J.D. Vance is reportedly spearheading the effort to find a buyer or lead investor. He has been working with tech companies, private equity firms, and venture capital players interested in acquiring TikTok.

The legislation requiring ByteDance to divest took effect on January 19. It passed with bipartisan support due to concerns about potential Chinese government influence over the platform.

Critics argue that Beijing could exploit the app to conduct surveillance or spread disinformation. ByteDance has repeatedly denied these claims.

Trump delayed enforcement of the law until April 5. This extension was meant to give time to reassess the security implications and potentially find a buyer for the platform.

One option being considered is an arrangement where American investors purchase TikTok while ByteDance retains ownership of the algorithm. Under this scenario, ByteDance would lease the algorithm to the buyer.

China has given no indication that it would be willing to sell the app’s algorithm. Exporting this type of technology would require China’s approval under restrictions introduced in 2020.

Phillips says Zoop is focused on building platforms that truly prioritize creators. “Tech platforms for businesses like this should merely be the facilitator for creators. Creators have a hard enough time making steady income,” he said.

“For us it’s always going to focus on creators first, and not on shareholders first,” Phillips added. The HBAR Foundation’s involvement could potentially work in Zoop’s favor, as the company operates the Hedera network, described as “a secure, transparent, and enterprise-grade public ledger” blockchain technology based in the US.

We will soon know whether the Trump administration aligns with this vision as the April 5 deadline rapidly approaches.

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