TikTok has strongly denied accusations by US congressman Brad Sherman that its owners purchased $300 million worth of Trump meme coins. Responding via its official policy account on X, the company labelled the claims false and misleading.

Sherman alleged that the memecoin purchase was effectively a bribe to influence Donald Trump’s stance on banning TikTok in the US.

However, the accusations appear based on a report involving GD Culture Group, a Nasdaq-listed company with no direct connection to TikTok or its parent ByteDance.

GD Culture reportedly announced plans to buy Trump coins and Bitcoin while using TikTok to distribute AI-enhanced content. Despite this, no financial link between the firm and Trump or TikTok has been confirmed.

The timing of the claim coincides with Trump’s third delay in enforcing the TikTok ban, raising further political speculation. Sherman, a long-time crypto critic, also said that Trump’s crypto ventures threaten the US dollar’s dominance.

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