OnlyFans has held talks with multiple blank check companies, or SPACs, about a merger to take it public, Axios reports, citing unnamed sources.
OnlyFans is a massive social media platform, with millions of monthly users who’ve cumulatively paid out billions of dollars to creators. But its adult content has spooked some potential investors and SPAC partners.
The company may also face labor issues, as many of its employees are based in Ukraine. OnlyFans’ majority owner is Leo Radvinsky, a controversial American of Ukrainian descent, and the company has donated digital currency to provide money and relocation services to those in the region.
OnlyFans tried raising private capital last year, to partially cash out Radvinsky, but that effort didn’t gain traction because of the platform’s adult content. Read more.
