A U.S. congressman Brad Sherman, has alleged that Chinese social media platform TikTok funneled about $300 million in “bribes” to President Trump by buying into the Trump official memecoin. He claims that the bribes were given to influence policy and that the Chinese owners were buying ‘Trump Coins’ for $300 million.’
TikTok has firmly denied the allegation. TikTok’s official account on X called the claims “patently false and irresponsible,” emphasizing no connection between the company and Trump’s memecoin purchases.
The accusation came shortly after Trump signed an executive order pushing back enforcement of the TikTok ban by 90 days. This extension gives the platform more time to negotiate a U.S. ownership restructuring. The new order delays TikTok’s U.S. ban until September 17—a third such extension aimed at facilitating a deal to bring TikTok under American control.
Critics have warn that Trump’s repeated extensions may put across a rather soft stance with some even questioning the sidestep for national security concerns. TikTok, however, maintains the law supports these pauses and claims ongoing talks involve top companies like Amazon, Oracle, and Perplexity AI.
With the executive order, tik-tok users in the U.S. can enjoy the app for a little more longer, while the management and authorities continue to negotiations over ownership for now.