TikTok Faces Bribery Allegations After Accusing Chinese Owners of Buying Trump’s Meme Coin
U.S. Congressman Brad Sherman has leveled accusations against social media giant TikTok, claiming its Chinese owners spent $300 million purchasing the President’s official TRUMP coin as a “bribe.” The company swiftly denied the allegations, calling them "patently false and irresponsible."
Sherman’s claim centers on TikTok’s alleged purchase of the TRUMP meme coin, stating that since Trump creates the coin at no cost, the expense constitutes a direct bribe to the President. Sherman shared this accusation via Twitter, suggesting this act explains the recent 90-day delay Trump announced for the U.S. TikTok ban.
In a direct rebuttal, a TikTok spokesperson described Sherman’s accusation as untrue and inaccurate, adding that the congressman misrepresents a letter he signed. TikTok pointed out that the claim regarding the company buying the coins does not reflect the content of the letter in question. The company declined immediate comment for further clarification.
The Context: TikTok’s Looming Ban and Trump’s Extension
TikTok has faced the threat of a U.S. ban for over a year due to concerns regarding its Chinese ownership and ties to Beijing. Recent legislative action mandated ByteDance, TikTok’s parent company, to divest its U.S. operations.
In January 2025, Trump initially delayed a ban, later extending it twice for 75 days each. The Supreme Court-ordered legislation explicitly permits only one 90-day extension, prompting Sherman to suggest Trump’s actions may be illegal.
However, Sherman’s specific accusation about bribery hinges on this latest extension. He alleges the $300 million spent by the Chinese TikTok affiliate, GD Culture Group, buying the TRUMP coin is the reason for the delay and circumvents enforcement of the law.
GD Culture Group: A Tiny Affiliate with Big Gains?
While TikTok denies the bribery accusation, Sherman’s claim references GD Culture Group, a separate Chinese subsidiary. The New York Times reports this company has minimal operations: eight employees, no revenue in the preceding year, and only recently announced the $300 million investment.
Following the announcement, GD Culture Group stock surged dramatically, climbing over 300% according to TradingView before stabilizing.
Meme Coin Controversy and Broader Concerns
The TRUMP coin has drawn criticism for potential conflicts of interest and foreign influence. Since its January launch, lawmakers like Senator Elizabeth Warren have called for investigations into the coin.
The controversy surrounding the coin resurfaced earlier this month when it was revealed that Trump offered exclusive dinners and receptions to top holders, leading to protests against what critics termed “crypto corruption.”
