TikTok denies accusations of purchasing $300 million Trump coin

Core events:

TikTok officially refutes the accusations made by U.S. Congressman Brad Sherman. Sherman claims that TikTok's Chinese owners spent $300 million on Trump-themed cryptocurrency Meme coins and insinuates that this act is a form of bribery to Trump.

Platform response:

TikTok states that the accusation is "obviously false and irresponsible," and points out that Sherman did not accurately quote the content of a previous letter.

Background of the event:

Trump has extended the deadline for TikTok to sell its U.S. operations or face a ban for the third time.

Sherman criticizes Trump's extension as illegal, stating that the law only allows for one extension.

TikTok is under significant regulatory pressure in the U.S., with approximately 170 million users.

Market impact:

Due to related news, the price of Trump coins has been continuously declining, dropping by 35% within a month, with the current quote at about $9.37.

Controversial connection points:

Sherman's accusations seem to stem from a Chinese company associated with TikTok announcing plans to purchase Bitcoin and Trump coins, but TikTok denies any involvement.

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