TikTok has strongly denied allegations made by U.S. Congressman Brad Sherman that its “Chinese owners” purchased $300 million worth of TRUMP memecoins in an attempt to sway President Donald Trump into extending the platform’s U.S. deadline. The accusation comes after Trump signed an executive order granting TikTok a 90-day extension to find a buyer or face a ban — marking the third such extension.
In a viral post, Sherman claimed Trump’s extension is “illegal” and accused TikTok of effectively bribing the U.S. government by purchasing Trump’s own cryptocurrency. “Trump creates ‘Trump Coins’ at no cost, meaning this is just a $300 million bribe that goes right into his pocket,” Sherman alleged. The congressman insists that only one extension is legally permitted, sparking political and legal debate over the executive action.
TikTok’s official policy account fired back, calling the accusation “false and irresponsible.” The platform emphasized that it had no involvement in any such transaction, and further pointed out that Sherman’s claim doesn’t even align with a previous congressional letter he himself signed. “Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false,” TikTok stated in response.
Sherman’s claim appears to be based on a May 12 press release from GD Culture Group, a Nasdaq-listed AI content company, which announced a $300 million investment into TRUMP memecoins and Bitcoin. However, GD Culture has no formal ownership ties to TikTok or ByteDance, TikTok’s parent company. The only known link is that GD Culture operates a TikTok account focused on AI content — a relationship more akin to that of a typical platform user.
Despite the headlines, there is currently no credible evidence that ByteDance or TikTok has purchased TRUMP memecoins or any cryptocurrency assets. The confusion highlights ongoing political tension surrounding TikTok’s future in the U.S., especially as the platform remains under close regulatory scrutiny. For more verified updates on crypto and policy, visit TheCoinInfo.
