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A law passed in the previous session of the US Congress requires ByteDance to divest ownership of TikTok or face a potential ban starting on April 5.
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Zoop, the social app created by OnlyFans founder Tim Stokely, and the HBAR Foundation have reportedly submitted a bid to purchase the video-sharing app TikTok in the United States.
According to an April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration. The bid will follow others from major technology companies, including Amazon, Oracle, Microsoft, and Rumble, in an attempt to keep the video-sharing app’s services alive for US users.
“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,” Zoop co-founder RJ Phillips reportedly said.
Posting the TikTok logo on its X account on April 2, hinting at a bid to purchase the company. Source: HBAR Foundation
In 2024, the US Congress passed, and former President Joe Biden signed a bill into law that could potentially ban TikTok if the firm’s operations weren’t separated from its Chinese parent company, ByteDance. The initial deadline for the sale of the company under the law was Jan. 19. After assuming office, President Donald Trump signed a 75-day extension for enforcement, pushing the potential TikTok sale to April 5.
The HBAR Foundation is an organization working with Hedera (HBAR), which had a market capitalization of more than $7.3 billion at the time of publication. Cointelegraph reached out to the foundation and Zoop regarding the TikTok deal but did not receive a response by the time of publication.
Related: Reddit co-founder trying to buy TikTok and bring it ‘on chain’
It’s unclear how Trump intends to proceed with the sale or ban of TikTok. He could sign another extension to delay enforcement of the law, but only an act of Congress could countermand it.
The US president planned to announce sweeping tariffs against unnamed countries at 4:00 pm ET, shaking up markets. Since Trump took office on Jan. 20, the price of Bitcoin (BTC) has dropped under $100,000 to reach $86,927 at the time of publication.
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