HBAR Foundation joins OnlyFans founder startup to bid on TikTok

Zoop, the social app created by OnlyFans founder Tim Stokely, and the HBAR Foundation have reportedly submitted a bid to purchase the video-sharing app TikTok in the United States.

According to an April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration the previous week. The bid will follow others from major technology companies, including Amazon, Oracle, Microsoft, and Rumble, in an attempt to keep the video-sharing app’s services alive for US users.

“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,” Zoop co-founder RJ Phillips reportedly said.

In 2024, the US Congress passed, and former President Joe Biden signed a bill into law that could potentially ban TikTok if the firm’s operations weren’t separated from its Chinese parent company, ByteDance. The initial deadline for the sale of the company under the law was Jan. 19. After assuming office, President Donald Trump signed a 75-day extension for enforcement, pushing the potential TikTok sale until April 5.

Cointelegraph reached out to the HBAR Foundation and Zoop but did not receive a response at the time of publication.

Related: Reddit co-founder trying to buy TikTok and bring it ‘on chain’

This is a developing story, and further information will be added as it becomes available.

Source: Cointelegraph.com News