Hbar Fund partners with OnlyFans creator in bid to acquire TikTok: Reuters
Over the past 24 hours, the HBAR index has increased by 1.5%.
Tom Carreras | Edited by Nikhilesh De Updated April 2, 2025, 20:13 UTC Published April 2, 2025, 19:10 UTC
Key points:
- HBAR and OnlyFans founder Tim Stokley have filed a bid to buy TikTok, according to Reuters.
- Amazon is also showing interest in acquiring TikTok, which would increase competition in the market.
- The HBAR Foundation is the organization that runs Hedera, a smart contract platform launched in 2018.
The HBAR Foundation has teamed up with OnlyFans creator Tim Stokley to try to acquire Chinese social media app TikTok, a new report from Reuters has revealed.
Last week, Stokely and the HBAR Foundation filed a White House bid through their new family-focused crowdfunding company, Zoop, Reuters reported.
“Our bid for TikTok is not just about changing ownership, but about creating a new model where both creators and their audiences directly benefit from the value they create,” Zoop co-founder RJ Phillips told Reuters.
The HBAR Foundation is the organization that runs Hedera (HBAR), a proof-of-stake smart contract platform founded in 2018. With a market cap of $7.2 billion, HBAR ranks 22nd among all cryptocurrencies at press time. The coin has only weakly responded to the news, up 1.5% in the last 24 hours.
The pair's bid for TikTok isn't the only one on the market. Internet giant Amazon (AMZN) is also seeking to acquire the platform, The New York Times reports.
HBAR confirmed to CoinDesk that it has indeed submitted a bid to acquire TikTok US in conjunction with Zoop.
“This strategic initiative aims to disrupt the traditional model of big tech companies, in which platforms can capture up to 90% of revenue while content creators receive a disproportionately small share,” the companies said in a press release.
UPDATE (April 2, 2025, 20:10 UTC): Updated with confirmation from the HBAR Foundation.
