Tim Stokely, founder of the adult content platform OnlyFans, has made a last-minute proposal to acquire TikTok’s US operations from its Chinese parent company, ByteDance. The bid was submitted by Zoop, a social media startup co-founded by Stokely and RJ Phillips, along with cryptocurrency company The Hbar Foundation. Zoop’s statement to WIRED highlights the bid as a significant challenge to traditional social media giants, emphasizing their goal to empower creators through improved revenue sharing.
ByteDance faces a pressing deadline. If a deal with a US buyer is not reached by April 5, TikTok could be banned in the US due to a law enacted in January over national security concerns. RJ Phillips mentioned to WIRED that the bidding process is unique as it is conducted by the White House rather than ByteDance. Although Phillips did not elaborate further on the specifics of Zoop’s bid, he confirmed they have initiated discussions through the appropriate channels. Tim Stokely did not comment on the matter.
President Donald Trump was scheduled to review multiple acquisition offers during a closed meeting with Vice President JD Vance and US Secretary of Commerce Howard Lutnick. The administration’s strategy to maintain TikTok’s operations in the US was expected to be announced later that day, according to The Information.
Concerns from the US government about TikTok primarily revolve around the potential access of American data by the Chinese government. Partnering with Hbar could benefit Zoop’s case, as Hbar claims to operate a secure and transparent blockchain technology in the US, according to their statement.
Stokely and Phillips are seen as unlikely contenders for control of the popular video app. Phillips noted to WIRED that Zoop has long considered the social media landscape, aiming to reform the industry in a fairer manner. He dismissed speculation of a hastily assembled bid, asserting that creators should share in advertising revenue and that users should also benefit.
Amazon also submitted a late bid for TikTok this week, joining four other groups under consideration by the White House, as reported by Reuters. However, according to The New York Times, Amazon’s proposal is not being taken seriously. Another option includes a coalition of US investors, featuring Oracle and Blackstone, taking over TikTok while ByteDance remains the owner of its algorithm, leasing it to the new owners. China has provided no indication it would approve the sale of TikTok’s algorithm, given export restrictions imposed in 2020.
Phillips emphasized their commitment to developing platforms that genuinely support creators. He stated that tech platforms should serve as facilitators for creators, who often struggle to maintain steady income, prioritizing creators over shareholders.
It remains to be seen whether the Trump administration will align with this vision.