TikTok has rejected claims made by a US lawmaker that its Chinese owners are buying a meme coin tied to President Donald Trump.
On June 18, the official TikTok Policy account responded to a post on X by Representative Brad Sherman, who had said the company’s owners were planning to spend $300 million on the Official Trump (TRUMP) token.
TikTok wrote, “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”.
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The company dismissed the statement as incorrect and misleading.
Sherman’s accusation came as President Trump approved a new 90-day extension that delays a possible ban on TikTok in the US.
He argued that US law allows only one extension and stated that the continued delays are not legally valid. Additionally, Sherman said in the post, “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket”.
The $300 million figure seems to come from a separate company called GD Culture Group. In May, GD Culture said it planned to invest that amount into Bitcoin
Meanwhile, House Speaker Mike Johnson recently commented on President Trump’s private dinner for TRUMP token holders. What did he say? Read the full story.
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