Zoop, the social app created by OnlyFans founder Tim Stokely, and the HBAR Foundation have reportedly submitted a bid to purchase the video-sharing app TikTok in the United States.

According to an April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration the previous week.

The HBAR Foundation and Zoop, a social app co-founded by OnlyFans founder Tim Stokely, have reportedly submitted a bid to purchase the video-sharing app TikTok in the United States.

According to a April 2 Reuters report, the HBAR Foundation and Zoop filed an intent to bid on TikTok with the Trump administration the previous week. The bid will follow others from major technology companies, including Amazon, Oracle, Microsoft, and Rumble, in an attempt to keep the video-sharing app’s services alive for U.S. 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,” Zoop co-founder RJ Phillips was reportedly quoted as saying.

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. We're excited to bring this vision to life with HBAR Foundation and contribute to the next chapter of this incredible platform.

— RJ Phillips (@rphillips) April 2, 2024

The HBAR Foundation also posted the TikTok logo on its X account.

We're rolling up our sleeves and joining the HBAR Foundation in making a bid for TikTok. We believe in the power of community and Web3 to amplify creators and build something truly special. Stay tuned for more to come! #tiktkforsale #web3

— Zoop (@zoopnow) April 2, 2024

The U.S. Congress passed, and former President Biden signed, a bill that could potentially ban TikTok if the firm’s operations weren’t separated from its Chinese parent company, ByteDance. The initial deadline for the sale of the company under the law was Jan. 19. After assuming office, President Trump granted a 75-day extension for the enforcement of the law, pushing the potential TikTok sale until April 5.

The HBAR Foundation is an organization working with Hedera (HBAR), which had a market capitalization of more than $7.3 billion at the time of publication. Cointelegraph reached out to the foundation and Zoop regarding the TikTok deal but did not receive a response at the time of publication.

It’s unclear how Trump intends to proceed with the sale or ban of TikTok as required by law. The U.S. president planned to announce sweeping tariffs against unnamed countries at 4:00 pm ET, shaking up markets. Since Trump took office on Jan. 20, the price of Bitcoin (BTC) dropped from under $100,000 to reach $86,927 at the time of publication.

This is a developing story, and further information will be added as it becomes available.