Tiktok rejected the allegations made by U.S. representative Brad Sherman that the company plans to acquire TRUMP memecoins worth $300 million.
Tiktok: Sherman's allegations are 'Clearly False'
The video-sharing platform Tiktok denied claims that it recently acquired or plans to buy TRUMP memecoins worth millions of dollars.
The Singaporean company criticized U.S. representative Brad Sherman for making 'clearly false and irresponsible' claims that it announced plans to acquire TRUMP tokens worth $300 million.
In a social media post in response to Sherman, Tiktok suggested that the American legislator's claims do not reflect the content of the letter he signed in May.
In May, Sherman, along with other Democratic Party legislators, urged the Trump administration to comply with the law regarding Tiktok. The letter also reiterated concerns about the alleged Chinese ownership of the social media platform.
At the center of lawmakers' concerns were fears that the Trump administration would extend the deadline for Tiktok to find an American buyer by another 90 days, which they considered illegal.
However, the U.S. president announced on June 19 that he had decided to extend the deadline to September 17, much to Sherman's discontent.
Responding to Trump's announcement, Sherman reiterated that the administration's failure to comply with the law makes the extension illegal.
The law allows for only one extension, so Trump's failure to comply with it is illegal. However, Chinese owners of Tiktok announced that they are purchasing 'Trump coins' worth $300 million. Trump creates 'Trump coins' for free, which means it's just a $300 million bribe that goes straight into his pocket.
Sherman wrote on X.