TikTok Denies Allegations of $300 Million Bribe Involving Trump Meme Coin

TikTok Responds to Accusations of Bribing Trump with Cryptocurrency

In a rapidly developing story, TikTok has firmly denied allegations that it attempted to bribe former U.S. President Donald Trump by purchasing $300 million worth of the TRUMP meme coin, a cryptocurrency tied to the former president’s name. The accusations, made by U.S. Congressman Brad Sherman, claim that TikTok’s parent company, ByteDance, secretly purchased these tokens with the aim of financially benefiting Trump and gaining political favor.

On June 19, TikTok took to X (formerly Twitter) to label the claims as false and misleading. The company described the allegations as part of an ongoing effort to distort TikTok’s operations and distract from the real issues surrounding its business practices. The company’s spokesperson stated, “These accusations are baseless and irresponsible, aiming to create unnecessary controversy.”

The TRUMP Meme Coin: Ethics and Concerns

The TRUMP meme coin, which has sparked widespread conversation across both political and cryptocurrency communities, is at the heart of the dispute. Promoted by Trump, the coin has raised concerns over its lack of utility and transparency. Analysts are questioning whether the promotion of such a coin, especially one linked to a major political figure, could raise ethical and legal concerns.

According to reports, Trump and his family have made over $350 million in trading fees from the TRUMP coin this year alone, further intensifying the ethical dilemma surrounding its promotion. The sale of a coin lacking any apparent utility, especially by a high-profile political figure, is seen by critics as a potential conflict of interest.

Additionally, financial transparency and the ethics of allowing politicians to profit from such schemes are drawing increasing scrutiny. With the meme coin’s value significantly declining, from a peak of $73.43 in January to its current price of $9.30, many are questioning the legitimacy of its rise and fall.

Political Ramifications: A Divestment Deadline Extension

Adding to the complexity, these allegations surface just as President Trump’s executive order extends TikTok’s U.S. divestment deadline by an additional 90 days. Critics argue that financial interests tied to controversial projects like the TRUMP meme coin could be the driving force behind such political maneuvers. These critics fear that abuses of power may occur if financial deals are tied to political decisions, particularly when the transactions are murky and lack full public oversight.