Adult content social media platform OnlyFans, Tim Stokely, and the HBAR Foundation, which focuses on Crypto, submitted an 11-hour bid to buy Tiktok this week. The bid intent was created by Zoop, the Stokley social media app co-founded with entrepreneur RJ Phillips. According to Phillips, Zoop wants to purchase a short video platform to democratize its creators and users’ revenue streams.
Adult content social media platform OnlyFans, Tim Stokely, and Cryptocurrency-focused Hbar Foundation, submitted their final two-second bid this week to buy Tiktoks by Chinese owners, Reuters reported Thursday.
The bid intent was created by Zoop, who was featured in the founding by another social media platform Stokely, and the HBAR Foundation, which oversees the Treasury Department of Hedera Cryptocurrency Network.
While the only fan is known for its adult content, Zoop is mainstream and is on par with other social media platforms in terms of content. According to its website, the app employs a democratized approach to social media, claiming to distribute 80% of its advertising revenue to creators and users.
“Our bid for Tiktok isn’t just about changing ownership. It’s about creating a new paradigm where both the creators and the community benefit directly from the value they collectively create,” Zoop co-founder RJ Phillips said in a release obtained by Fortune.
As Washington plays the role of auctioneer, the proposal to acquire the platform will be sent to the White House, and the ordinance must agree to the sale by April 5th. Trump was able to extend the potential ban until spring to find suitors, but he previously said he could extend the deadline further if necessary.
Lawmakers highlight national security concerns about China’s ownership of the app and its obligations to the Chinese government. Beijing could use this app to affect the US
As Tiktok’s sweepstakes approach the April 5 deadline, celebrities such as Microsoft, Oracle, Perplexity AI, Elon Musk and Mrbeast have expressed interest in acquiring the platform.
Last month, Trump said he was discussing potential deals with four different groups but did not identify them. Additionally, Amazon reportedly made an 11-hour proposal for its US short video app business.
Zoop told Wired that the bid was a “moment against the traditional social media giants of David vs. Goliath.”
“We want to rebuild our industry in a way that we think is fair,” Phillips told Wired. “Creators bring their eyes to the page, so they must share a large portion of the revenue from their advertising.”