$300 million bet? TikTok-connected startup with zero revenue and China links eyes massive stake in Donald Trump's memecoin
China-linked tech firm
with no revenue recorded last year now intends to make a huge bet on US president Donald Trump's memecoin called, $TRUMP, as per a report.
Who Is Making the Bet?
GD Culture Group
, which is listed on Nasdaq and makes short videos for Chinese-owned app TikTok and has only eight employees, outlined plans to purchase up to $300 million of $TRUMP and Bitcoin, as per an Independent report.
Where Is the Money Coming From?
The purchase will reportedly be financed by a sale of stock to an unnamed party based in the British Virgin Islands, a notorious tax haven, according to the report. The company gave no information regarding how the financing was arranged or who the buyer would be, as per the Independent.
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Why Is This Purchase Causing Concern?
The move has raised concerns, especially as Trump is currently in office and has been actively promoting cryptocurrency. He recently held two lavish crypto-focused dinners, including one that cost $1.5 million to attend, as per the Independent. Critics argue that his involvement in the memecoin and his crypto company, World Liberty Financial, could create a conflict of interest, according to the report.
Live Events
A non-profit organization, State Democracy Defenders Action, cautioned that Trump is most likely to benefit from the same policies he is currently advocating, as per the Independent.
The organization pointed out that 'The regulation of
digital assets
is in its nascency, but rather than divest his crypto assets to avoid any possible conflict of interest, President Trump seems to have positioned himself to maximize profiting from them by adopting a less aggressive regulatory and enforcement program than his predecessor,' quoted Indpendent.
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Warren Buffett breaks hearts and silence, reveals the deeply personal reason behind his emotional exit from Berkshire Hathaway
Who Really Owns the Memecoin?
The proposed $300 million investment would directly fill the pockets of Trump's family because about 80% of the memecoin supply is controlled by the
Trump Organization
and its affiliates, according to the Independent.
What Did GD Culture Group Say?
However, GD Culture Group said that it hoped the purchase would 'enhance its balance sheet with high-performance, scalable digital assets,' quoted Independent. While, previously, the company had mentioned that, 'The Chinese government may intervene or influence its operations at any time,' as quoted in the report.
FAQs
What is $TRUMP?
It's a memecoin linked to Donald Trump, and mostly owned by his organization.
Did GD Culture Group make money last year?
No, GD Culture Group recorded no revenue last year.
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