President Trump has given another extension to TikTok, giving the social media giant another 75 days to find an American buyer from the original extension of April 5 — which was 75 days from the original deadline of January 19. The TikTok ban has been an ongoing conversation since Trump’s first term, but it was under President Biden’s administration that the rules around the ban began to form. Biden chose to let Trump make the ultimate decision about the January 19 ban, and while the short video app did go dark for the 170 million American users briefly, it has been available since then.
But it’s unclear how long that will last. While the app does have another 70ish days left on the new extension, Trump is still insistent that the app, owned by the Chinese company ByteDance, must be sold as he maintains it poses a national security risk. Some think that the Chinese government could attempt to access TikTok data on US users or use it to carry out influence operations, though ByteDance has denied the claim.
ByteDance has also been hesitant to agree to any kind of sale or divesting, though talks to do so continue. In the days leading up to the most recent deadline, companies like Amazon and equity group Blackrock have been in talks to invest in the app. But in the last few days, another potential investor has appeared: a group of investors that includes OnlyFans founder Tim Stokely. Stokely left the company in 2021 and started a new social company called Zoop.
Unlike OnlyFans, which is known for its mostly adult and pornographic content, Zoop is more mainstream and family-friendly platform — it’s also known for rewarding both creators and community members for engagement. And Stokely is using his money and experience from these companies to join with the Hbar Foundation to place their bid. Hbar Foundation also partners with Stokely on Zoop, as well as in managing the Hedera cryptocurrency network.
Zoop co-founder RJ Phillips said, “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.”
With the latest extension, it’s unclear when Trump plans to move forward with a sale of any kind. And with the White House essentially playing the role of an investment bank and Vice President JD Vance running the auction, it does all depend on this current administration.
Though that doesn’t sit well with many Americans. Many are outspoken about the decision to force ByteDance to sell or ban the app, claiming that banning the app violates the First Amendment of the U.S. Constitution, which guarantees freedom of speech, as it would restrict Americans from accessing foreign media. But with so much going on in the country at this time, the fate of TikTok seems to be less of a pressing concern than it was in January.