OnlyFans Founder and Crypto Foundation Submit Late Bid for TikTok Acquisition
OnlyFans founder Tim Stokely, in collaboration with the Hbar Foundation, has placed a late-stage bid to acquire TikTok from its Chinese parent company, ByteDance. The bid comes as the U.S. government pressures ByteDance to divest its ownership of the popular social media app due to national security concerns. Stokely and the Hbar Foundation, which supports the Hedera blockchain, aim to create a new model where both content creators and online communities benefit directly from the platform's revenue and engagement.
This bid enters a competitive landscape, with Amazon also reportedly making an offer to acquire TikTok. The proposal by Stokely and Hbar emphasizes decentralization and blockchain integration, potentially reshaping how social media platforms operate by giving users more control over their data and earnings. The acquisition push follows legislative efforts in the U.S. to force a sale, with former President Donald Trump facing a crucial deadline on April 5 to either approve a deal or enforce a ban on TikTok.
If successful, the acquisition could mark a significant shift in the social media industry, blending blockchain technology with mainstream digital platforms. The involvement of the crypto-backed Hbar Foundation suggests an intention to integrate Web3 elements into TikTok, potentially allowing creators to monetize content through crypto-based incentives. With the deadline for a decision quickly approaching, the competition to secure TikTok’s future remains intense, with major tech and financial players closely watching the outcome.
