TikTok bidding war intensifies as Amazon enters the fray
Key interested parties now include Amazon too, expressing its interest in line with its social media expansion ambitions, and a consortium led by OnlyFans founder Tim Stokely, proposing a model that benefits creators through his new venture, Zoop.
The roster of potential acquirers is expanding as the deadline for TikTok to secure a non-Chinese buyer approaches.
Amazon and a consortium led by OnlyFans founder Tim Stokely have recently expressed interest in purchasing the popular short-video platform.
The US government has set a 5 April deadline for TikTok to divest from its Chinese parent company, ByteDance, or face a ban due to national security concerns.
Stokely’s new venture, Zoop, in collaboration with the Hbar Foundation, which manages the Hedera cryptocurrency network, has submitted a late-stage bid to acquire TikTok.
Their proposal emphasises a novel ownership model to benefit creators and their communities directly.
Zoop positions itself as a mainstream, family-friendly platform, distinct from the adult-content focus of OnlyFans.
The consortium has partnered with undisclosed investors to support their bid.
Amazon has also entered the fray, confirming its interest in TikTok through a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick.
While Amazon has not publicly commented on the specifics, this move aligns with its longstanding ambition to establish a foothold in social media.
The tech giant previously acquired live-streaming platform Twitch and book review site Goodreads and has experimented with short-form video features akin to TikTok.
Other contenders include a group led by Oracle, with participation from venture capital firms such as Andreessen Horowitz and private equity firm Blackstone, all exploring potential investments in TikTok’s US operations.
The White House oversees negotiations, aiming to restructure TikTok into a US-based entity with Chinese ownership reduced below 20% to comply with legal requirements.
The urgency surrounding TikTok’s sale stems from a 2024 law mandating ByteDance to divest the app by 19 January, citing national security risks.
US officials have expressed concerns that ByteDance’s ownership could enable the Chinese government to conduct influence operations and collect data on American users.
As the deadline looms, TikTok’s future in the US remains uncertain, with multiple parties vying for platform control.
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