In the closely watched sale of TikTok, the White House is playing the role of an investment bank, with US Vice President JD Vance running the auction.
A startup run by Tim Stokely, founder of adult content social media site OnlyFans, has partnered with a cryptocurrency foundation to submit a late-stage plan to acquire short video app TikTok from Chinese owner ByteDance, the two said on Wednesday.
The intent to bid was sent this week to the White House by Zoop, billionaire Stokely's new company, and the Hbar Foundation, which manages the Hedera cryptocurrency network's treasury.
While OnlyFans is known mainly for pornography, Zoop is mainstream and family-friendly, and gives back the majority of its revenue to those who post on the site, rewarding them for driving up user engagement.
"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 told Reuters.
The partners have been working with a consortium of investors, Phillips said. He declined to provide details on the bid or the investors backing it.
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