Hbar Foundation Teams Up With OnlyFans Founder for TikTok Bid: Reuters
The HBAR Foundation, in collaboration with OnlyFans founder Tim Stokely, has put forward a bid to acquire the popular Chinese social media app TikTok, as reported by Reuters. This joint effort was made through Stokely’s new family-friendly crowdfunding company, Zoop, and the bid was submitted to the White House last week.
RJ Phillips, co-founder of Zoop, emphasized that their bid for TikTok goes beyond just changing ownership. They aim to create a new model where both creators and their communities benefit directly from the value they generate. This strategic move aligns with the HBAR Foundation’s vision to disrupt the traditional big tech model and ensure fair compensation for content creators.
The HBAR Foundation is the driving force behind Hedera (HBAR), a smart contract platform utilizing proof-of-stake technology that was launched in 2018. With a market capitalization of $7.2 billion, HBAR is currently ranked as the 22nd largest cryptocurrency. Despite the news of the bid for TikTok, the value of HBAR only saw a modest increase of 1.5% in the last 24 hours.
It’s worth noting that the bid by Stokely and the HBAR Foundation is not the only one on the table. E-commerce giant Amazon is also reportedly interested in acquiring TikTok, according to The New York Times. This competitive landscape underscores the appeal and potential of TikTok as a valuable social media platform.
In response to inquiries, the HBAR Foundation confirmed that they have indeed submitted a bid to acquire TikTok US alongside Zoop. The companies emphasized that their goal is to create a more equitable system where creators receive a fair share of the revenue they help generate, in contrast to the current model where platforms often retain the majority of profits.
This strategic initiative marks a significant step towards reshaping the digital landscape and promoting fair compensation for content creators. The HBAR Foundation and Zoop are committed to driving positive change in the industry and empowering creators to thrive in a more equitable environment.
(UPDATE: April 2, 2025, 20:10 UTC): The article has been updated to include confirmation from the HBAR Foundation regarding their bid for TikTok.
