Tim Stokely, founder of adult content platform Onlyfans, submitted an 11-hour proposal to buy Tiktok’s U.S. business from its Chinese owner Bytedance.
“Bidding Intent” was produced by Zoop, a social media startup co-founded RJ Phillips, who served as CEO with a background in influencer marketing strategies, and cryptocurrency company HBAR Foundation. For Zoop, the bidding “represents David’s giant moment against traditional social media giants, through the recognition of the creator-first revolution,” a statement shared by the company with Wired said. They say they want to return the power to the creators through better revenue sharing.
The wildness is opposite to the clock. If the company does not agree to the U.S. buyer proposal before April 5, national security issues will be banned in the U.S. under a law that came into force in January.
Phillips told Wiried that he declined to comment further on details of the email bid. “Our external council has found the right people and we can have a conversation with us and that’s what we do.” Stockley did not respond to a request for comment.
President Donald Trump was scheduled to consider multiple offers Wednesday at a closed-door Oval Office meeting with Vice President JD Vance and U.S. Commerce Secretary Howard Lutnick, who led the sale. According to information, his plan to keep Tiktok operating in the United States will be announced later that day.
The U.S. government’s concerns about Tiktok are allegedly due to concerns that the Chinese government will access American data. However, working with HBAR may benefit Zoop’s support. The company’s statement said HBAR operates the HEDERA network, a “secure, transparent and enterprise-level public ledger” based in the U.S. blockchain technology.
Stokely and Phillips are perhaps the most surprising suitors to control popular video apps.
Phillips told Wired that we wanted to restructure the industry in a way we thought it was fair, and we have been studying social activities. We hope to restructure the industry. “Creators bring their eyeballs to the page, so they should be the people who share in Lionshare for advertising revenue. Users associated with that content should also benefit.”
Amazon also proposed the last minute of buying Tiktok this week, joining four other groups that the White House is considering selling Tiktok’s U.S. business, Reuters reported. Amazon’s bid was not taken seriously, according to the New York Times. According to Time, one of the other possible deals includes attracting a group of investors including Larry Ellison’s Oracle and private equity firm Blackstone.
The U.S. investment team may also buy Tiktok, while BONTEDACE retains ownership of the Tiktok algorithm and leases it to potential buyers. China has no indication that it is willing to sell the app’s algorithms and export the type of technology that will require its signature, part of many restrictions introduced in 2020.
Phillips said they invest in platforms that really prioritize creators.
“The technology platform for a business like this should be just a facilitator for creators. Creators have enough time to stabilize their income,” he said. “For us, it always focuses on creators first, not shareholders first.”
We will soon know if the Trump administration is aligned with that vision.
