Zoop, the social app founded by OnlyFans' Tim Stokely, and the HBAR Foundation have submitted a bid to purchase TikTok in the US. Details of the bid and legislative changes are examined in the article.
Background of the Acquisition Bid
According to an April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration. This follows bids from tech giants such as Amazon, Oracle, Microsoft, and Rumble who aim to keep the app's services operational for US users.
Zoop and HBAR Foundation's Plan and Goals
Zoop co-founder RJ Phillips highlighted that their bid for TikTok seeks not only to change ownership but to build a new model where both creators and their communities profit directly from the value they generate.
Legislative Changes and Potential Implications
In 2024, the US Congress passed, and former President Joe Biden signed a law that could potentially ban TikTok if its operations were not separated from its Chinese parent company, ByteDance. The initial deadline for the company's sale under the law was set for January 19, with a 75-day extension signed by President Donald Trump, pushing the potential TikTok sale until April 5.
Developments in the TikTok situation in the US continue to unfold. The HBAR Foundation and Zoop have outlined their plan, aiming to safeguard the interests of content creators and users. Further updates will be provided as they become available.
