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The official TikTok account on X (formerly Twitter) has denied allegations from Congressman Brad Sherman, who claimed that TikTok’s “Chinese owners” purchased $300 million worth of TRUMP memecoins in an attempt to influence former U.S. President Donald Trump to extend the platform’s operations in the United States. These accusations have sparked widespread discussions, especially within the cryptocurrency and finance communities.
Background on the Allegations
In a recent public statement, Congressman Brad Sherman criticized President Donald Trump’s executive decision to extend TikTok’s deadline for finding a U.S.-based buyer or face a potential ban. This extension, lasting another 90 days, marked the third time the platform had been given more time to comply with U.S. regulations. Sherman argued that the White House was only allowed to offer one extension, labeling the executive order as “illegal.”
Adding to the controversy, Sherman alleged that TikTok’s owners attempted to bribe the U.S. government by purchasing $300 million worth of TRUMP memecoins, implying the funds were meant to directly benefit Trump.
“Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket,” Sherman claimed in a statement.
TikTok’s Official Response
The official TikTok policy account swiftly responded to Sherman’s accusations, labeling them as “false and irresponsible.” In a direct reply, TikTok stated:
“Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month.”
This public rebuttal highlights TikTok’s firm stance against the allegations, as the platform seeks to clarify its position regarding Sherman’s claims.
What Triggered Sherman’s Claims?
The allegations appear to stem from a press release issued by GD Culture Group, a Nasdaq-listed company focused on AI-generated content and e-commerce. On May 12, GD Culture announced it would invest $300 million of its corporate funds into TRUMP memecoins and Bitcoin. However, no formal connection exists between GD Culture and TikTok’s parent company, ByteDance, which is based in China.
GD Culture’s announcement may have led to confusion, as the company later launched a TikTok account under the handle @streamlineainews. This account focuses on artificial intelligence updates and trends but does not indicate any ownership or direct affiliation with TikTok or ByteDance. The relationship appears to be that of a client utilizing TikTok’s platform for content distribution.
No Evidence Linking ByteDance to Cryptocurrency Investments
As of now, there is no credible evidence to suggest ByteDance has purchased TRUMP memecoins or engaged in any cryptocurrency-related activities. ByteDance’s core operations remain primarily focused on its flagship platform, TikTok, and related ventures, with no known ties to the crypto market.
Key Takeaways for Crypto Enthusiasts
For those interested in cryptocurrencies and blockchain technology, this incident underscores the importance of verifying claims before drawing conclusions. Here are a few tips to navigate such news responsibly:
- Fact-check information: Always cross-reference claims with credible sources to ensure accuracy.
- Understand corporate structures: Companies like GD Culture and ByteDance operate independently, even if they seem connected at first glance.
- Follow official statements: Pay attention to direct responses from involved parties to gain clarity on contentious issues.
This controversy also highlights the growing intersection of politics and cryptocurrency, emphasizing the need for transparency and accountability in both sectors.
Final Thoughts
Brad Sherman’s allegations against TikTok regarding a $300 million TRUMP memecoin purchase have been strongly denied by the platform. With no concrete evidence to support these claims, the focus shifts to ensuring clarity and accuracy in discussions involving cryptocurrencies and corporate actions. For crypto investors and enthusiasts, this serves as a reminder to approach such news with a critical eye.
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