Tiktok Responds to Allegations About Trump Coin Worth $300 Million: 'Irresponsible and False'

Tiktok has denied the allegations from U.S. Representative Brad Sherman that the company plans to purchase memecoin TRUMP worth 300 million USD. Tiktok: The Allegations of Sherman 'Completely False' The video-sharing social media platform Tiktok has denied claims that it recently bought or plans to buy memecoin TRUMP worth millions of dollars. The Singapore-based company criticized U.S. Congressman Brad Sherman for making the "completely false and irresponsible" allegation that they announced plans to purchase token TRUMP worth 300 million USD. In a social media post responding to Sherman, Tiktok argued that the statement from the U.S. lawmaker does not reflect the letter he signed in May. In that May letter, co-signed with other Democratic lawmakers, Sherman urged the Trump administration to comply with laws related to Tiktok. The letter also reiterated concerns about China's ownership of this social media platform. The key point that concerns lawmakers is the worry that the Trump administration will extend the deadline for Tiktok to find a buyer in the United States by another 90 days, a move they consider illegal. However, the U.S. President announced on June 19 that he had extended the deadline to September 17, which infuriated Sherman. In response to Trump's announcement, Sherman reiterated that the administration's failure to enforce the law made his extension illegal. "The law only allows for a one-time extension, so Trump's non-enforcement is illegal. However, the Chinese owners of TikTok have claimed they are buying 'Trump Coin' for 300 million USD. Trump created 'Trump Coin' without incurring any fees, meaning this is just a 300 million USD bribe flowing straight into his pocket," Sherman wrote on X. Launched just hours before Trump's inauguration on January 20, the memecoin experienced an immediate price surge and skyrocketed to an all-time high of $73.43 within just 48 hours. However, the initial excitement did not last; since that peak, the value of the memecoin has undergone a significant and continuous decline. Critics of the U.S. President have made serious allegations against Trump, claiming that he not only exploits memecoin for personal gain but also misuses government resources to artificially inflate the value of this coin and maintain its presence in the market.

Meanwhile, the executive order signed by Trump states that the Department of Justice (DOJ) is not allowed to take action to enforce the Act to Protect Americans from Foreign Adversaries' Requests for Control. The extension of the deadline also means that the DOJ cannot impose penalties on Tiktok. This executive order also warns states or private parties not to attempt to take coercive action, as doing so would be equivalent to infringing upon the authority of the executive branch.