A surprise bid from social media startup Zoop, backed by cryptocurrency company The Hbar Foundation, has been submitted to purchase TikTok’s US operations. The bid aims to give creators more control over their content and revenue sharing. If the proposal is accepted, it would represent a significant shift in the way the platform operates.
TikTok faces an April 5 deadline to sell its US operations under a law that took effect in January, citing national security concerns. The US government’s primary fear is that Chinese company ByteDance could access Americans’ data through the app.
However, partnering with Hbar, which operates a secure blockchain technology, may provide a solution for Zoop. This partnership could help address the concerns and potentially make Zoop’s bid more appealing to the Trump administration.
The White House has been considering multiple offers, including an Amazon bid, but its seriousness is unclear. Another possible deal involves US investors like Oracle and private equity firm Blackstone.
Zoop’s CEO RJ Phillips believes that prioritizing creators over shareholders is key to the platform’s success. “Creators bring eyeballs to the pages, and therefore they should be the ones sharing in the lion’s share of the ad revenue,” he says.
The future of TikTok’s US operations remains uncertain, but one thing is clear: the fate of the app will have a significant impact on creators worldwide.
Source: https://www.wired.com/story/founder-onlyfans-wants-to-buy-tiktok