Competition for TikTok Sale Intensifies!

Zoop, a social media app developed by OnlyFans founder Tim Stokely, and HBAR Foundation filed an intent to bid for TikTok on April 2, according to a Reuters report. The bid comes amid offers from major tech companies such as Amazon, Oracle, Microsoft, and Rumble, all aiming to keep the popular video-sharing app operational for US users.

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Zoop co-founder RJ Phillips reportedly said:

“Our bid for TikTok isn’t just about changing ownership; it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate.”

April 5: Deadline for TikTok’s Future

In 2024, US Congress passed a law that could potentially ban TikTok unless the company separates from its China-based parent company, ByteDance. The original deadline for the sale was January 19, but former President Donald Trump signed a 75-day extension, pushing the deadline to April 5.

HBAR Foundation, an organization working with Hedera, has a market capitalization exceeding $7.3 billion.

TikTok Sale or Ban Expected Soon

The future of TikTok remains uncertain. President Trump could extend the sale deadline further or move forward with a ban. However, only an act of Congress could override this law. The announcement of sweeping tariffs by Trump on April 4 could also shake the markets.

Reddit co-founder Alexis Ohanian is also attempting to buy TikTok and bring it on-chain. He is one of the significant figures looking to invest in the platform’s future.

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