Tim Stokely, founder of OnlyFans, proposed acquiring TikTok's US operations through his social media startup Zoop, in partnership with The Hbar Foundation. This proposal, seen as a challenge to major social media platforms, aims to return power to creators with a focus on increased revenue sharing. With a deadline approaching for ByteDance to sell its US operations due to national security fears, the bid comes at a critical moment. The White House is managing the sale, and concerns about data security from the Chinese government drive the urgency of a US-led acquisition.
The bid represents a David vs. Goliath moment against traditional social media giants by endorsing a creator-first revolution, aiming to empower creators through better revenue sharing.
Our external council found the right person for us to initiate conversations with and that's what we've done, indicating a strategic approach in launching the proposal.
If ByteDance does not agree to a proposal from a US buyer by April 5, TikTok will be banned in the US under a law citing national security concerns.
Concerns around TikTok stem from fears that the Chinese government could access Americans' data, prompting urgency for a US buyer to safeguard this information.
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