TikTok refuted Congressman Brad Sherman’s claims of its owners buying $300M worth of Trump meme coin, labeling the accusations “false and irresponsible.”
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
Popular social media platform TikTok has denied allegations from Congressman Brad Sherman of purchasing $300 million of OFFICIAL Trump TRUMP $9.37 24h volatility: 1.2% Market cap: $1.87 B Vol. 24h: $275.49 M meme coin. The official TikTok policy account on the X platform denied buying any Trump coins.
The accusations started after US President Donald Trump announced signing the Executive Order, while extending the deadline for the TikTok closing by another 90 days, to September 17, 2025.
The law allows only one single extension, so Trump’s failure to enforce it is illegal.
However, the Chinese owners of TikToK have announced they are buying “Trump Coins” for $300 million. Trump creates “Trump Coins” at no cost, meaning this is just a $300 million bribe that goes… https://t.co/kBzCMUcN7t
— Congressman Brad Sherman (@BradSherman) June 19, 2025
TikTok has pushed back against recent claims made by a Congressman, describing allegations that the platform’s owners are purchasing “Trump Coins” as “patently false and irresponsible.” The company clarified that the statement contradicts the contents of a letter signed by the Congressman just last month, while questioning the accuracy of the claims.
Sherman’s allegations appear to reference reports that GD Culture Group, a company with connections to TikTok, announced plans in May to purchase $300 million worth of Trump meme coin and Bitcoin BTC $104 179 24h volatility: 0.1% Market cap: $2.07 T Vol. 24h: $26.30 B currently valued at $105,818.
Ever since his election win in November 2024, the Trump administration has taken several crypto-friendly measures. Furthermore, the US President has been endorsing his Trump Meme Coins, launched in January, which surged all the way to $75, instantly after launch, hitting a $9.0 billion market cap.
Donald Trump’s Defi project, World Liberty Financial, recently announced that it would be purchasing TRUMP Coins as part of its investment strategy. However, the TRUMP coin price has failed to pick up from there. Some users questioned the deal’s ethics while calling this partnership a potential scandal.
With all the news lately, whats been happening with $TRUMP?
In the last 7d, the price maintained at ~$9 and whales reduced by -2.57%
But top 100 holders just added another +0.17% to their bags over 7d—bringing their grip on supply to a staggering 86%.
Distribution score: 1. pic.twitter.com/XkbOEwH5VT
— Nansen 🧭 (@nansen_ai) June 20, 2025
However, the recent report from Forbes suggests that the Trump Family has offloaded 20% of its stake in World Liberty Financial.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
