In an unexpected turn of events, OnlyFans creator Tim Stokely has joined forces with the HBAR Foundation to launch a last-minute takeover bid for TikTok, in which they intend to buy out the platform from its Chinese proprietor, ByteDance. The unexpected move gives another twist of intrigue to the negotiations surrounding the fate of TikTok.

Announced just days ahead of the April 5 deadline, the bid underscores the growing interest in TikTok’s U.S. assets, which are worth around $100 billion. Stokely’s bid, backed by the cryptocurrency-focused HBAR Foundation, introduces an unexpected element that may shape the platform’s future ownership and direction.

A High-Stakes Bidding War

According to a statement released on Wednesday, Tima Stokely, the creator of the adult content social networking platform OnlyFans, has joined forces with a HBAR, a cryptocurrency foundation, to bid on TikTok, a short video app owned by ByteDance in China. Zoop startup has partnered with the HBAR Foundation, which manages the treasury for the Hedera cryptocurrency network, to present their acquisition offer to the White House this week. The bid, submitted to the White House, comes as TikTok approaches the April 5 deadline to either sell its U.S. operations or risk being banned due to national security concerns. American officials fear that the Chinese ownership of the platform may expose it to pressure from the Chinese government.

While talking to Reuters, RJ Phillips, the Co-Founder of Zoop said, “Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate.” Moreover, according to a statement shared by the company with WIRED, the bid for Zoop “represents a David vs. Goliath moment against traditional social media giants by endorsing a creator-first revolution.” While OnlyFans is known for adult content, Zoop is a family-friendly platform that rewards users by sharing most of its earnings, offering a better revenue model for creators.

The White House plays a significant role in managing the negotiations, with Vice President JD Vance reportedly spearheading the effort. The administration aims to make any deal safeguard U.S. national security interests but also address concerns regarding data privacy and foreign influence. According to reports, the White House is playing a role similar to an investment bank, with the U.S. Vice President JD Vance taking charge of the process to ensure that any agreement is consistent with national security interests.

The participation of Zoop and the HBAR Foundation adds another layer of complexity to an already contentious race for potential acquirers. Other companies have also shown interest in acquiring TikTok alongside the Zoop-HBAR Foundation transaction.  Amazon reportedly made a late bid in a bid to make its presence in social media more prominent.  A company led by Oracle is among the other bidders, with investment firms Andreessen Horowitz and Blackstone in talks to get involved.

Conclusion

While the Zoop-HBAR bid presents a new way with blockchain monetization, it does have its serious challenges. While Amazon and Oracle have solid financial support and infrastructure, Zoop is a newer entity with no publicly available information regarding its funding, so its bid is questionable. In addition to that, government regulations on foreign ownership may add more hurdles. Even if ByteDance would sell, the transaction would require approval from the Committee on Foreign Investment in the United States (CFIUS), which can turn down deals due to national security concerns.