Hedera's HBAR Foundation Bids for TikTok Amid U.S. Pressure, Price Drops 5.366%

Hedera's latest price was $0.1613, down 5.366% in the last 24 hours. The HBAR Foundation, the entity behind Hedera (HBAR), has made headlines recently due to its involvement in a significant bid to acquire the popular social media app TikTok. This move comes as TikTok's Chinese owner, ByteDance, faces increasing pressure from U.S. lawmakers over national security concerns. The HBAR Foundation, in partnership with Zoop, a social app created by OnlyFans founder Tim Stokely, submitted a bid to the White House last week. This bid is part of a broader effort to keep TikTok's services alive for U.S. users, following similar bids from major technology companies such as Amazon, Oracle, Microsoft, and Rumble.

RJ Phillips, co-founder of Zoop, emphasized that their bid for TikTok is not just about changing ownership but about creating a new paradigm where both creators and their communities benefit directly from the value they generate. This vision aligns with current trends where social media platforms are increasingly being scrutinized for their revenue-sharing models. By targeting TikTok, Zoop and the HBAR Foundation aim to create a space that directly compensates content creators based on the value they deliver, countering prevalent criticisms of existing platforms where users often feel undervalued.

The partnership between Zoop and the HBAR Foundation highlights a groundbreaking development in the social media landscape. This move comes at a critical juncture as TikTok’s current owner, ByteDance, faces a looming April 5th deadline imposed by the U.S. government to divest from the platform due to national security issues. The urgency to act underscores the growing scrutiny of foreign-owned technology companies in the U.S. The HBAR Foundation's involvement in this bid is significant as it represents a new ownership model in social media, one that prioritizes creator compensation and community benefit.

While Zoop and the HBAR Foundation's aspirations to acquire TikTok are ambitious, they are entering a competitive bidding environment. Tech giant Amazon has reportedly submitted its own offer, indicating a robust interest from major players in the arena of social media. This competitive landscape raises questions about the financial viability of each bid and the strategic motivations behind them. Will Zoop and the HBAR Foundation's innovative approach resonate with regulators and stakeholders, or will they falter against larger, established companies?

The proposed acquisition of TikTok by Zoop and the HBAR Foundation marks a significant moment in the ongoing discourse about social media ownership and creator compensation. As the deadline for ByteDance approaches, the outcomes of these bids—including that from Amazon—will undoubtedly reshape the future landscape of social media. Observers will be keenly watching to see if alternative models proposed by newer players can effectively challenge the status quo established by larger tech conglomerates. The HBAR Foundation's involvement in this high-stakes environment underscores its commitment to innovation and its potential to disrupt traditional social media ownership models.