Tim Stokely and HBAR Foundation Submit Late-Stage Bid to Acquire TikTok
Background
The founder of OnlyFans, Tim Stokely, has teamed up with the HBAR Foundation to submit a late-stage bid to acquire TikTok, as the social media giant faces a U.S. deadline to divest or disappear. The bid was submitted by Stokely’s new venture, Zoop, and the HBAR Foundation, which manages the treasury of the Hedera blockchain, to put forward an offer for TikTok’s U.S. operations, according to Reuters.
The Bid
The move positions the pair among a growing crowd of bidders vying for control of the wildly popular app, which has over 170 million American users. The bid was submitted in response to a national security law passed last year with bipartisan support, which requires TikTok’s parent company, ByteDance, to divest the platform or face prohibition due to concerns about potential Chinese government influence.
Legislation and Deadline
The legislation, which took effect January 19, has sparked concerns about TikTok’s potential for surveillance and disinformation. ByteDance has repeatedly denied the claim, stating that it does not share user data with the Chinese government. The deadline for TikTok to divest or face prohibition is April 5, and President Donald Trump has delayed enforcement of the law to give time to reassess the security implications and potentially find a buyer.
Buyer Interest
Among the other companies that have previously expressed interest in acquiring TikTok are the likes of Microsoft, Walmart, and Oracle. Amazon also submitted a last-minute bid this week. In March, Reddit co-founder Alexis Ohanian expressed interest in acquiring the platform with a proposal to integrate TikTok into blockchain infrastructure. Rumors that Elon Musk would take over the platform were dismissed in January as “pure fiction.”
Current Developments
Vice President J.D. Vance is reportedly spearheading the effort to find a buyer or lead investor, working with a roster of tech titans, private equity firms, and VC players angling for a piece of the TikTok empire. The process is ongoing, with multiple bidders vying for control of the popular app.
Timeline
* January 19: The national security law requiring TikTok to divest or face prohibition takes effect.
* March: Reddit co-founder Alexis Ohanian expresses interest in acquiring TikTok with a proposal to integrate the platform into blockchain infrastructure.
* January: Rumors that Elon Musk would take over TikTok are dismissed as “pure fiction.”
* April 2: President Donald Trump meets with officials to discuss proposals for TikTok.
* April 5: Deadline for TikTok to divest or face prohibition in the U.S.
Conclusion
The bid by Tim Stokely and the HBAR Foundation to acquire TikTok marks another significant development in the ongoing saga surrounding the popular social media app. With multiple bidders vying for control, the fate of TikTok remains uncertain. As the April 5 deadline approaches, it remains to be seen which company will ultimately emerge victorious in the bid to acquire TikTok.
FAQs
- Q: What is the current status of TikTok’s bid to acquire TikTok?
- Multiple companies are vying for control of TikTok, with a deadline of April 5 for divestment or prohibition in the U.S.
- Q: Who are the companies vying for control of TikTok?
- Companies such as Microsoft, Walmart, Oracle, Amazon, and Reddit co-founder Alexis Ohanian have expressed interest in acquiring TikTok.
- Q: What is the basis for the concerns surrounding TikTok’s security?
- Concerns about potential Chinese government influence and the app’s potential for surveillance and disinformation.
- Q: What is the deadline for TikTok to divest or face prohibition in the U.S.?
- April 5, as per the national security law passed last year.
- Q: Who is spearheading the effort to find a buyer or lead investor for TikTok?
- VICE President J.D. Vance is reportedly leading the effort, working with a roster of tech titans, private equity firms, and VC players.
