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AĀ startupĀ run by Tim Stokely, founder of adult content social media site OnlyFans,Ā has partnered withĀ a cryptocurrency foundation to submit a late-stage plan to acquire short video appĀ TikTokĀ from Chinese owner ByteDance, the two saidĀ onĀ Wednesday.
The intent to bid was sent this week to the White House by Zoop, billionaire Stokelyās new company, and the Hbar Foundation, which manages the Hedera cryptocurrency networkās treasury.
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While OnlyFans is known mainly forĀ pornography,Ā Zoop is mainstream and family-friendly, and gives back the majority of its revenue to those who post on the site, rewarding them for driving up user engagement.
āOur bid forĀ TikTokĀ isnāt just about changing ownership, itās about creating a new paradigm where both creators and their communities benefit directly from the value they generate,ā Zoop co-founder RJ Phillips told Reuters.
TheĀ partnersĀ have been working with a consortium of investors, Phillips said.Ā He declined to provide details on the bid or the investors backing it.
On Wednesday, AmazonĀ also put in a last-minute offer to buyĀ TikTok, the New York Times reported.
President Trump is expected on Wednesday toĀ consider a proposalĀ forĀ TikTokĀ to decide the fate of the app used by 170 million Americans. ByteDance faces an April 5 deadline to either sellĀ TikTokĀ or face a US ban on national security grounds under a US law that took effect on Jan. 19.
The law, passed last year with broad bipartisan support,Ā reflects concern in WashingtonĀ thatĀ TikTokās ownership makes it beholden to the Chinese government and that Beijing could use the app to conduct influence operations against the United States.
TikTokĀ advocates argue that the ban unlawfully threatens to restrict Americans from accessing foreign media in violation of the First Amendment of the US Constitution, which guarantees freedom of speech.
Trump postponed enforcement of the law until April 5 after taking office in January to give himself time to shepherd a deal.Ā He has said he could extend the deadline further if needed.
The talks onĀ TikTokĀ haveĀ coalesced around a planĀ for the biggest non-Chinese investors in ByteDance to raise their stakes and acquire the appās US operations, Reuters has reported.
Trump said last month his administration was in touch withĀ four different groupsĀ about a prospectiveĀ TikTokĀ deal, without identifying them.
In the closely watched sale ofĀ TikTok, the White House is playing the role of an investment bank, with Vice President JD Vance running the auction.