Zoop, HBAR Foundation Bid for TikTok Amid US Ban Threat

Zoop, a social app developed by Tim Stokely, the founder of OnlyFans, and the HBAR Foundation have reportedly submitted a bid to acquire the video-sharing app TikTok in the United States. This move comes as part of a broader effort to keep TikTok's services operational for US users, following similar bids from major technology companies such as Amazon, Oracle, Microsoft, and Rumble.

The HBAR Foundation and Zoop filed their intent to bid on TikTok with the Trump administration the previous week, according to an April 2 report. The bid is part of a series of attempts to ensure that TikTok's services remain available to US users, amidst growing concerns over the app's ownership and potential security risks.

RJ Phillips, co-founder of Zoop, emphasized that their bid for TikTok is not merely about changing ownership but about creating a new paradigm where both creators and their communities benefit directly from the value they generate. This statement underscores the strategic vision behind the bid, focusing on the potential for a more equitable and beneficial platform for content creators and users alike.

In 2024, the US Congress passed a bill that could potentially ban TikTok if the firm's operations were not separated from its parent company, ByteDance. The initial deadline for the sale of the company under this law was January 19. However, after assuming office, President Donald Trump signed a 75-day extension for enforcement, pushing the potential TikTok sale until April 5. This extension provides additional time for potential buyers to submit their bids and for the Trump administration to review them.

This development is part of an ongoing story, and further information will be added as it becomes available. The HBAR Foundation and Zoop have not yet responded to requests for comment on their bid for TikTok.