Social app Zoop, founded by OnlyFans creator Tim Stokely, has submitted a bid to acquire TikTok’s US operations in partnership with the HBAR Foundation. According to Reuters, sources familiar with the matter confirmed that the application has been submitted to the administration of President Donald Trump.
The Zoop and HBAR Foundation initiative is not the only one under consideration. Several major tech players, including Amazon, Oracle, Microsoft, and the video platform Rumble, have also expressed interest in purchasing the US segment of TikTok from its parent company ByteDance, based in China.
Political context
The push for American ownership of TikTok has been ongoing since 2020, when the US government first raised national security concerns about the app. The pressure on ByteDance has continued under successive administrations. President Joe Biden signed legislation that could lead to TikTok being banned in the US unless the company sells its American assets.
The original deadline for a sale was set for January 19, 2025. However, President Trump, upon returning to office, signed an executive order extending the deadline by 75 days to April 5, giving ByteDance limited time to decide its course of action.
Interested parties and ongoing negotiations
Microsoft was initially involved in negotiations in 2020, but the talks fell through, and attention shifted to Oracle, which also failed to finalize a deal.
Donald Trump has stated that he is personally involved in discussions with potential buyers and expects a decision to be made within a month. Other reported contenders include Microsoft, investor Kevin O'Leary, billionaire Frank McCourt, and YouTuber MrBeast, who has publicly expressed interest in acquiring the platform.
Zoop’s goal and HBAR Foundation’s role
Zoop co-founder RJ Phillips stated that their bid is not merely about changing ownership, but about reimagining user engagement. He said the goal is to create a model where content creators and users can directly benefit from the value they generate.
HBAR Foundation is affiliated with the Hedera blockchain project (HBAR), which had a market cap of over $7.3 billion at the time of the bid. Neither Zoop nor HBAR Foundation has issued a public statement about their submission.
What’s next
Last week, Trump signed an executive order temporarily blocking Biden’s earlier plan to ban TikTok in the US. Despite the extension, ByteDance faces an urgent decision about the platform’s future in the American market. The matter remains unresolved as the new deadline approaches.
This post is for informational purposes only and does not constitute investment advice. Always conduct your own research before making financial decisions.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.