Tim Stokely, the visionary founder of the adult content platform OnlyFans, has made headlines with an eleventh-hour proposal to acquire TikTok’s US operations from its parent company, ByteDance. This ambitious bid is being put forth by Zoop, a social media startup co-founded by Stokely and RJ Phillips, who serves as the CEO. Phillips has a solid background in influencer marketing strategy and aims to reshape the social media landscape.
In a statement shared with WIRED, the Zoop team described their proposal as a "David vs. Goliath moment" against traditional social media giants. They expressed their commitment to a creator-first revolution, emphasizing the need to empower creators by implementing better revenue-sharing models. This effort aims to shift the balance of power back to the creators who generate content and attract audiences.
As the clock ticks down, ByteDance faces mounting pressure to respond to proposals from US buyers. If a deal isn't reached by April 5, TikTok risks facing a ban in the US due to laws enacted in January that cite national security concerns. "The process is actually very unique; it’s being run by the White House and not by ByteDance," Phillips noted in an interview, though he refrained from divulging specific details regarding the Zoop bid.
On a related note, President Donald Trump is scheduled to deliberate on multiple offers during a closed-door meeting with Vice President JD Vance and US Secretary of Commerce Howard Lutnick, who are leading the initiative to facilitate the sale. This meeting is critical, as it could determine TikTok’s future in the US, with an announcement expected later that day, according to reports from The Information.
The US government has expressed concerns regarding TikTok, primarily revolving around the potential access the Chinese government might have to Americans' data. In light of this, Zoop’s partnership with the Hbar Foundation could be advantageous. The Hbar Foundation operates the Hedera network, which is described as "a secure, transparent, and enterprise-grade public ledger" based blockchain technology based in the US.
Stokely and Phillips's pursuit of TikTok is notable, given their previous endeavors in the social media sphere. "We’ve been looking at social for a long time, given our past. We want to restructure the industry in a way that we think is equitable," Phillips stated. He dismissed speculation that the Zoop bid was hastily assembled, explaining that their team believes creators should receive a significant share of ad revenue generated from their content.
Zoop is not the only player interested in acquiring TikTok. This week, Amazon also submitted a last-minute bid, joining several other groups vying for the opportunity to purchase TikTok’s US operations. However, reports from The New York Times suggest that Amazon's bid is not being taken seriously. Other potential partnerships include a consortium of US investors, which may involve notable names like Larry Ellison’s Oracle and private equity firm Blackstone.
There are discussions around the possibility that an American investment team might acquire TikTok while allowing ByteDance to retain ownership of the app's algorithm. However, as of now, China has shown no willingness to sell this technology, and exporting such data would require governmental approval due to restrictions imposed in 2020.
Phillips reiterated their commitment to building platforms that genuinely prioritize creators. "Tech platforms for businesses like this should merely be the facilitator for creators. Creators have a hard enough time making steady income," he explained. For Zoop, the focus will always be on creators first, rather than shareholders. The upcoming decisions from the Trump administration will reveal if this vision aligns with the future of TikTok.
