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According to TikTok’s Policy account on X, claims that its Chinese owners are snapping up $300 million worth of the Official Trump (TRUMP) memecoin are flat-out wrong.
The post called the idea “patently false and irresponsible.” It even pointed out that the claim didn’t match a letter Rep. Brad Sherman signed last month.
US President Donald Trump signed his third executive order this spring, pushing back a ban or forced sale of TikTok by another 90 days. That move gave TikTok roughly three more months to find a buyer or face an outright ban in the US.
Many people wondered if TikTok’s political sway was part of the hold‑up. Some viewed Sherman’s timing as no accident — he spoke out just after the third delay was announced.
Based on reports of an SEC filing, GD Culture Group — a tiny, Nasdaq‑listed firm with no known ties to ByteDance — said it would buy as much as $300 million in Trump memecoin and Bitcoin.
GD Culture creates AI‑driven videos for TikTok, but it isn’t owned by ByteDance and has no board members in common. That mix‑and‑match link set off a wave of confusion, leading some to assume TikTok itself was funding the memecoin purchase.
According to Sherman, “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket.”
Sherman has long argued for a blanket ban on crypto.
Back in 2019, he warned that cryptocurrencies could displace the US dollar. His latest comments mix his worry about TikTok’s Chinese ownership with his deep distrust of the crypto world.
Some online users doubted TikTok’s denial, wondering if China’s influence was deeper than we know. Others piled on Sherman, criticizing his anti‑crypto stance and even his call to ban TikTok.
“No one wants TikTok banned, except the Israeli lobby, aka your puppet masters,” one commentator wrote, adding fuel to the fire.
In less than a week, a single SEC form and a congressional tweet turned into a full‑blown spectacle:
On one side, we have a social platform fighting to stay in the US market.
On the other, a lawmaker warning about foreign influence and digital money.
