HBAR Foundation and Zoop bid $7.3B for TikTok acquisition

The HBAR Foundation, in partnership with Zoop, a social app founded by OnlyFans creator Tim Stokely, has submitted a bid to acquire TikTok’s U.S. operations as the April 5 deadline for ByteDance to divest ownership approaches.

Zoop co-founder RJ Phillips emphasised that the bid aims to empower creators and 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,” Phillips stated.

The acquisition proposal joins other bids from major technology firms, including Amazon, Oracle, Microsoft, and Rumble.

The HBAR Foundation, which works with Hedera (CRYPTO:HBAR) blockchain technology and has a market capitalisation of $7.3 billion, has yet to disclose detailed terms of its offer.

TikTok has faced scrutiny in the U.S. over concerns about data privacy and potential ties to the Chinese government.

Congress passed legislation in 2024 mandating ByteDance to sell TikTok’s U.S. operations, citing risks of surveillance and algorithmic manipulation.

Despite ByteDance’s resistance to selling, the Trump administration extended the enforcement deadline by 75 days, pushing it to April 5.

President Trump has hinted at further extensions but faces legal and political challenges in resolving the matter.

ByteDance is also pursuing legal action against the U.S. government, arguing that the law unfairly targets TikTok as a single platform.

The uncertainty surrounding TikTok’s future has led to intensified bidding activity among potential buyers.

Experts believe that securing TikTok’s U.S. operations could reshape the social media landscape while addressing national security concerns.

As negotiations continue, stakeholders await clarity on whether ByteDance will finalise a deal or risk losing access to its 170 million U.S. users.

The HBAR Foundation and Zoop’s bid highlights growing interest in integrating blockchain technology into mainstream platforms like TikTok, potentially transforming its operational model if acquired.