Summary
- TikTok strongly denied the suspicion of purchasing Donald Trump's official meme coin (TRUMP).
- Regarding the $300 million TRUMP purchase rumor, the industry clarified that it was a confusion with GD Culture Group, which has no direct connection to TikTok.
- It was reported that GD Culture Group has no official relationship with TikTok or its parent company ByteDance.
TikTok dismissed controversy by denying allegations of purchasing the official meme coin (TRUMP) of former U.S. President Donald Trump.
According to cryptocurrency-focused media outlet Cointelegraph on the 20th (local time), TikTok's official account stated via X (formerly Twitter) the previous day, "The claim that TikTok's owner bought 'TrumpCoin' is clearly false and irresponsible." Previously, Brad Sherman, a Democratic member of the U.S. House of Representatives, had alleged, "TikTok's Chinese owners are buying $300 million worth of TrumpCoin."
The media outlet added, "The industry believes the $300 million TRUMP purchase rumor mentioned by Rep. Sherman is a mix-up involving Nasdaq-listed GD Culture Group, which is not directly related to TikTok."
Meanwhile, GD Culture Group is a company producing AI content for TikTok, but has no official relationship with TikTok or its parent company ByteDance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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