HBAR Foundation Partners with Tim Stokely to Bid for TikTok
The HBAR Foundation has announced an exciting collaboration with Tim Stokely, the visionary founder of the popular internet subscription platform OnlyFans, to pursue the acquisition of the highly sought-after Chinese social media app TikTok. This strategic move highlights the growing interest in reshaping social media ownership and creator compensation models.
Last week, Stokely and the HBAR Foundation presented their bid to the White House through Stokely’s innovative family-friendly crowdfunding venture, Zoop. In a statement, RJ Phillips, co-founder of Zoop, emphasized their mission, stating, “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.”
The HBAR Foundation is the driving force behind Hedera (HBAR), a proof-of-stake smart contract platform that made its debut in 2018. With a market capitalization of approximately $7.2 billion, HBAR currently holds the position of the 22nd largest cryptocurrency in existence as of this writing. Interestingly, the news of this ambitious bid resulted in a modest reaction from the market, with HBAR seeing a 1.5% increase in value over the last 24 hours.
It’s worth noting that Stokely and the HBAR Foundation’s bid for TikTok is not the only one vying for the platform. Online retail giant Amazon (AMZN) has also expressed interest in acquiring TikTok, as reported by The New York Times.
