Recently, concerns has been raised about TikTok, the popular social media platform and its alleged investment in the controversial TRUMP memecoins. This has been especially highlighted by Congressman Brad Sherman, who brought attention to a massive purchase worth $300 million of the said digital tokens, which he alleges were bought by the Chinese firm owned by TikTok.
According to Sherman, such a move was done to bribe or influence President Donald Trump to extend TikTok’s operating deadline in the United States for another 90 days. He argued that this marks the third time that the social media platform has been granted an extension, and alleged that Trump’s executive order to do so was illegal.
The Controversy Surrounding TikTok’s Extension
Apart from the claims of Cheney, another point of contention revolves around the extensions granted to TikTok. The social media platform was given three extensions to find a new owner or face ban in the U.S. According to Sherman, this act goes beyond what the White House is permitted to do – grant only one extension.
Are the Allegations True?
As a response to Sherman’s allegations, the official policy account of TikTok immediately debunked the claims, stating them as false and irresponsible. In their words, “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,” effectively denying any involvement in such a scheme.
The TRUMP Memecoins Saga
Sherman’s allegations are hinged on the argument that the creation of Trump coins does not cost anything, and a purchase of $300 million worth can be regarded as a bribe directly into the President’s pocket. However, the official TikTok policy account disputes these allegations, stating that they lack evidence or substance.
The Basis for Sherman’s Belief
The conspiracy theory revolving around the TikTok’s alleged purchase of TRUMP memecoins traces back to a press release by GD Culture Group, a Nasdaq-listed company. GD Culture Group announced that they would be committing a whopping $300 million of their corporate funds to invest in TRUMP memecoins and Bitcoin. This raised eyebrows and led to speculation.
Can the Allegations be True?
Although GD Culture Group later announced the launching of its TikTok account to share news and trends related to artificial intelligence, there are no known formal links between GD Culture and TikTok. In fact, TikTok is owned by a different China-based company called ByteDance. So far, there has not been any credible evidence to suggest that ByteDance, the actual owners of TikTok, have bought any TRUMP memecoins or any other cryptocurrency. This adds further complexity to Sherman’s claims and the controversy therein.
Implications of the Allegations
If proven to be true, the allegations made by Sherman could have significant implications on the dealings of social media platforms like TikTok, the actions of political figures, and the use of digital currencies as a tool for political influence. Amidst all these, however, further investigations are needed to ascertain the truth of the matter.
