HBAR Foundation, OnlyFans Founder Join Forces in Bid to Acquire TikTok U.S. Operations
The HBAR Foundation has partnered with Tim Stokely, founder of subscription-based platform OnlyFans, to submit a bid for the U.S. arm of TikTok, Reuters reported on Monday.
The acquisition offer was submitted to the White House last week via Stokely’s new venture, Zoop, a crowdfunding platform designed to empower digital creators. According to co-founder RJ Phillips, the proposal aims to reshape TikTok’s value distribution model.
“Our approach centers on shifting the platform dynamic so creators and users are more fairly rewarded for their contributions,” Phillips said in comments to Reuters.
The HBAR Foundation is the ecosystem development arm of the Hedera blockchain (HBAR), a proof-of-stake network with a $7.2 billion market capitalization. The token rose modestly by 1.5% over the past 24 hours amid the news.
This isn’t the only suitor eyeing the popular social media platform. According to The New York Times, Amazon has also expressed interest in acquiring TikTok’s U.S. business.
The HBAR Foundation confirmed to CoinDesk that a bid has been submitted jointly with Zoop. In a press release, the two organizations emphasized their commitment to disrupting the prevailing tech business model, where platforms retain the vast majority of revenue.
“This initiative is designed to challenge the current paradigm in which centralized platforms capture up to 90% of profits,” the companies stated. “We believe a decentralized, community-driven approach can create a more equitable future for digital creators.”
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