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Investing.com -- A new startup company, Zoop, led by Tim Stokely, the founder of adult content social media site OnlyFans, has teamed up with the Hbar Foundation, the manager of the Hedera cryptocurrency network’s treasury, to present a late-stage plan to acquire the short video app TikTok from its Chinese owner, ByteDance. The partnership announced their intent to bid on Wednesday, according to Reuters.
Zoop, which is mainstream and family-friendly, is a stark contrast to Stokely’s other venture, OnlyFans, which is primarily known for adult content. Zoop shares the majority of its revenue with its content creators, rewarding them for increasing user engagement.
Zoop co-founder RJ Phillips spoke about the bid, stating that their aim for TikTok is not only about changing ownership, but also about creating a new paradigm where both creators and their communities directly benefit from the value they generate.
Phillips revealed that they have been working with a consortium of investors for this bid. However, he did not provide any details about the bid itself or the investors involved.
On the same day, Amazon (NASDAQ:AMZN) also submitted a last-minute offer to purchase TikTok, as reported by the New York Times (NYSE:NYT).
U.S. President Donald Trump is expected to review a proposal for TikTok to decide the app’s fate, which is currently used by 170 million Americans. ByteDance has a deadline of April 5 to either sell TikTok or face a U.S. ban on national security grounds, under a U.S. law that came into effect on January 19.
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