Key Takeaways:
- TikTok denies Rep. Brad Sherman’s claim that its Chinese owners invested $300 million in TRUMP memecoin.
- Sherman’s figure is linked to GD Culture Group, which has no direct connection to TikTok or ByteDance.
- The allegations surfaced amid a delayed executive order from Trump postponing TikTok’s potential U.S. ban.
TikTok has publicly denied accusations from U.S. Representative Brad Sherman, who claimed the platform’s Chinese owners invested $300 million into TRUMP memecoin, a cryptocurrency linked to President Donald Trump.
The allegations followed Trump’s executive order delaying a potential TikTok ban, marking the third such postponement.
The law allows only one single extension, so Trump’s failure to enforce it is illegal.
— Congressman Brad Sherman (@BradSherman) June 19, 2025
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
Sherman suggested the delay was unlawful and labeled the alleged investment a “$300 million bribe,” asserting Trump personally benefits since the tokens cost nothing to create.
TikTok responded on X via its official TikTok Policy account, calling Sherman’s claims false and misleading.
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. https://t.co/8uxxPrKlzP
— TikTok Policy (@TikTokPolicy) June 19, 2025
The company emphasized that its owners had no involvement in purchasing Trump Coins and pointed out inaccuracies in a letter Sherman had previously signed.
The $300 million figure appears to stem from GD Culture Group, a company that creates AI-driven content on TikTok.
GD Culture announced plans to invest in TRUMP memecoin and Bitcoin, but has no formal ties to TikTok or its parent company ByteDance.
Online reactions were divided, with some questioning TikTok’s denial and others calling Sherman’s claims misleading.
Sherman, a longtime crypto critic, once called for a complete ban in 2019.
In contrast, Trump supports U.S.-backed stablecoins to bolster the dollar’s global role.
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