TikTok Denies Allegations of Purchasing Trump Memecoin

By: Eliza Bennet

In a recent development, TikTok, the popular Chinese social media giant, has openly denied accusations involving the purchase of the Trump memecoin. This response came after U.S. Congressman Brad Sherman alleged that TikTok, with its Chinese ownership, was attempting to bribe President Donald Trump with a substantial $300 million purchase of the official Trump memecoin. TikTok promptly refuted these claims through their official policy account on the social media platform, X.

Brad Sherman, a notable critic of Bitcoin, stirred controversy by suggesting that the Chinese owners of TikTok had declared an interest in acquiring 'Trump Coins' as part of a maneuver to curry favor with the former president. This allegation was met with a swift response from TikTok, which emphasized that no such transactions or intentions existed on their part regarding the alleged purchase of Trump-related digital currency.

These claims have drawn significant attention to the discourse surrounding the intersection of digital currencies and political influence. As cryptocurrencies, particularly memecoins, gain traction in varied circles, the potential for their use in political contexts becomes a topic of concern and speculation. Meanwhile, TikTok has maintained that their stance is strictly neutral and detached from any political endorsements, especially in relation to cryptocurrency dealings linked to any political figure.

The allegations spotlight the broader debate over the influence of foreign-owned tech companies and their potential impact on U.S. politics. TikTok’s prompt denial attempts to quell any suspicion or conflation of its operations with political agendas, especially those relating to the Trump administration. This instance underscores the continuing debate over digital currency’s role in political arenas and international business ethics.