Digital Assets 1 HBAR Foundation joins OnlyFans founder startup to bid on TikTok

[NewsMaker]

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.

Posting the TikTok logo on its X account on April 2. Source: HBAR Foundation
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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.

The HBAR Foundation is an organization working with Hedera (HBAR), which had a market capitalization of more than $7.3 billion at the time of publication. Cointelegraph reached out to the foundation and Zoop regarding the TikTok deal but did not receive a response at the time of publication.


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

It’s unclear how Trump intends to proceed with the sale or ban of TikTok. He could likely sign another extension to delay enforcement of the law, but only an act of Congress could countermand it.

The US President planned to announce sweeping tariffs against unnamed countries at 4:00 pm ET, shaking up markets. Since Trump took office on Jan. 20, the price of Bitcoin (BTC) has dropped under $100,000 to reach $86,927 at the time of publication.

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

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