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TikTok Fires Back at US Lawmaker’s TRUMP Token Allegations
Last Updated: June 20, 2025
✓ Fact Checked
Key Takeaways
- TikTok denied US Representative Brad Sherman's claim that its owners plan to spend $300 million on the TRUMP token;
- Sherman made the accusation as Trump approved a third delay on the potential TikTok ban;
- The $300 million figure came from GD Culture Group, which has no confirmed ties to TikTok or ByteDance.
TikTok has rejected claims made by a US lawmaker that its Chinese owners are buying a meme coin tied to President Donald Trump.
On June 18, the official TikTok Policy account responded to a post on X by Representative Brad Sherman, who had said the company’s owners were planning to spend $300 million on the Official Trump (TRUMP) token.
TikTok wrote, "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".
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The company dismissed the statement as incorrect and misleading.
Sherman's accusation came as President Trump approved a new 90-day extension that delays a possible ban on TikTok in the US.
He argued that US law allows only one extension and stated that the continued delays are not legally valid. Additionally, Sherman said in the post, "Trump creates 'Trump Coins' at no cost, meaning this is just a $300 million bribe that goes right into his pocket".
The $300 million figure seems to come from a separate company called GD Culture Group. In May, GD Culture said it planned to invest that amount into Bitcoin
Meanwhile, House Speaker Mike Johnson recently commented on President Trump's private dinner for TRUMP token holders. What did he say? Read the full story.
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