Leonid Radvinsky, the billionaire owner of adult content social media site OnlyFans, has put his site on sale but is struggling to find a buyer because of its X-rated business model, the New York Post reported. Mr Radvinsky, a 40-something computer programmer who bought OnlyFans in 2019, is looking to sell the platform even after it pushed his net worth to $3.8 billion, the outlet said, citing three sources close to the situation.

According to the Post, Mr Radinsky immigrated to the US from Ukraine as a child and studied economics at Northwestern University. He currently lives in a Miami penthouse with his wife. He bought OnlyFans from Tim Stokely and his family, which launched the site in 2016 as an outlet for musicians and influencers. A year later he lifted its ban on porn and the company took off.

Mr Radvinsky earned $472 million in dividends from OnlyFans during the fiscal year ended November 2023, the outlet reported. His earnings were almost all of the profits generated by the platform, which is said to have about 40 employees. According to the last available UK financial filings, from 2021 to 2023, his total payouts ballooned to more than $1 billion from OnlyFans' holding company, Fenix International Ltd., which he owns. 

"OnlyFans is a revolutionary platform which continues to lead the creator economy. As with any business of this scale it is natural that we are open to discussions about how we continue to build on our success," an OnlyFans spokeswoman said, per the Post. 

The report claimed that the site could be sold for between $1.46 billion and $2.42 billion. 

"You're looking to find billionaires and trying to sell it as not an adult content company but just a platform like X that allows adult content," the NY Post source said. "But I think most people right now view OnlyFans as an adult content company," they added. 

According to OnlyFans CEO Keily Blair, 59% of revenue comes from creators selling add-on services like pay-per-view messages and live streams, while 41% comes from subscriptions. The platform takes a 20% cut from its 4 million creators, who make content for 300 million subscribers. Since OnlyFans is not available on App stores, it avoids sharing revenue with Apple or Google. According to the UK filing, two-thirds of the company's $1.3 billion revenue, or about $863 million, comes from US customers.

According to the Post, Mr Radvinsky watched his net worth balloon to $3.8 billion after the platform boomed during the COVID-19 lockdowns. At the time, the billionaire briefly banned sexually explicit content, but the decision was reversed days later.