Latest news with #GDCultureGroup
Economic Times
15-05-2025
- Business
- Economic Times
$300 million bet? TikTok-connected startup with zero revenue and China links eyes massive stake in Donald Trump's memecoin
GD Culture Group, a small China-linked tech firm with no revenue last year, plans to invest up to $300 million in $TRUMP memecoin and Bitcoin. The purchase, financed by a stock sale to an unnamed party in the British Virgin Islands, raises conflict of interest concerns given Trump's crypto involvement and potential financial benefit from the memecoin. Tired of too many ads? Remove Ads Who Is Making the Bet? Where Is the Money Coming From? Why Is This Purchase Causing Concern? Tired of too many ads? Remove Ads Who Really Owns the Memecoin? What Did GD Culture Group Say? FAQs A small 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. 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 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 READ: Kristi Noem is under fire after refusing to confirm if detained gay makeup artist in El Salvador is dead or alive 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.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 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 READ: Warren Buffett breaks hearts and silence, reveals the deeply personal reason behind his emotional exit from Berkshire Hathaway 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 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 a memecoin linked to Donald Trump, and mostly owned by his GD Culture Group recorded no revenue last year.
Time of India
15-05-2025
- Business
- Time of India
$300 million bet? TikTok-connected startup with zero revenue and China links eyes massive stake in Donald Trump's memecoin
A small 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. 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo ALSO READ: Kristi Noem is under fire after refusing to confirm if detained gay makeup artist in El Salvador is dead or alive 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. ALSO READ: 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.
Yahoo
14-05-2025
- Business
- Yahoo
Tiny AI firm makes $300M bet on Bitcoin and Trump coin
GD Culture Group (Nasdaq: GDC), a tech firm with operations in China, has announced a $300 million funding deal to purchase Bitcoin (BTC) and the Official Trump (TRUMP) meme coin, The Wall Street Journal reported on May 14. The New York-based GDC said in a statement on May 12 that it plans to purchase BTC and TRUMP in order to create a 'crypto asset treasury strategy.' The goal is to enhance its balance sheet with "high-performance, scalable digital assets." GDC is an artificial intelligence (AI) company that has a market value of approximately $26 million. The firm says it generates digital avatars using AI to sell products such as home appliances and snacks on TikTok. Helmed by chairman and CEO Xiaojian Wang, the loss-making company has a majority-owned subsidiary in China. "GDC's adoption of crypto assets as treasury reserve holdings is a deliberate strategy that reflects both current industry trends and our unique strengths in digital technologies and the livestreaming e-commerce ecosystem," Wang said. The GDC stock skyrocketed to $5.97 as it surged more than 240% following the announcement on May 12. However, it soon retreated to the previous price level. The stock was trading at $2.19 at the time of writing. TRUMP is the fourth-largest meme coin, with a market cap of $2.6 billion. Launched by Donald Trump three days ahead of his presidential inauguration on Jan. 20, the meme coin surged more than 300% to reach the record high of $73.43 on Jan. 19. However, the meme coin tanked very soon and couldn't make a comeback until the team announced on Apr. 23 an exclusive gala dinner with Trump for the top 220 token holders. Even then, it couldn't rise more than $15. At the time of writing, TRUMP was exchanging hands at $13.25, down 1.5% a day. Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
A tiny TikTok creator company with no revenue and ties to China plans to buy $300million in Trump's memecoin
GD Culture Group, a small technology company with ties to China, announced its plans to buy as much as $300 million of $TRUMP — President Donald Trump's memecoin. The firm, which employs eight people, produces short videos for the Chinese-owned social media app, TikTok. While the company recorded no revenue last year, it announced this week that a mysterious stock sale would allow it to invest in Trump's memecoin, The New York Times reported. Trump, who has recently planned two lavish cryptocurrency-focused dinners — one of which cost a whopping $1.5 million to attend— has raised the alarm of ethicists who caution that his endeavors with his memecoin and crypto company, World Liberty Financial, could pose a conflict of interest. GD Culture Group, which is traded on the Nasdaq, said that it would spend $300 million on a stockpile of Bitcoin and $TRUMP. It would be paid for using funds from a mysterious stock sale to an unnamed entity in the British Virgin Islands, a popular tax haven. The purchase would directly fill the pockets of Trump's family, as around 80 percent of the memecoin supply is controlled by the Trump Organization and its affiliates. Trump, who has pushed to integrate crypto more with the U.S. since taking office in January, will 'likely profit from the very policies he is pursuing,' State Democracy Defenders Action, a nonprofit dedicated to fighting election sabotage and autocracy, said in a recent report. '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,' the group wrote. The morally questionable purchase also comes at a time when Trump is trying to reach a deal that would allow TikTok to continue operating in the country. GD Culture Group, for its part, said it hoped the purchase would 'enhance its balance sheet with high-performance, scalable digital assets,' according to a press release from the company. Any purchase by the group, however, would be the first known instance of a China-linked firm buying Trump's memecoin, per the Times report. 'The Chinese government may intervene or influence its operations at any time,' the company said in an annual report filed in March. It was not immediately clear how the company secured the funding to buy the crypto, or what entity in the British Virgin Islands agreed to purchase its stock. In a SEC filing Tuesday, GD Culture Group confirmed its plans to buy $TRUMP, but did not provide any additional information about how the purchase was being financed. GD Culture Group did not immediately return The Independent's request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gizmodo
14-05-2025
- Business
- Gizmodo
Tech Company with Chinese Ties Wants to Buy $300 Million Worth of Trump Coin
You probably have never heard of GD Culture Group until now, but the small technology company with ties to China managed to grab headlines—including this one—with the promise of purchasing $300 million worth of $TRUMP, the memcoin owned primarily by organizations tied to the current President of the United States. The New York Times reported that the struggling firm issued a securities filing announcing its intent to try to buy some favor with Donald Trump. Per the filing, GD Culture Group has secured $300,000,000 from an investor who will purchase shares of the company's stock. It plans to use to the money from the sale to 'invest in Bitcoin and OFFICIAL TRUMP and for general corporate purposes.' The company claims aping into $TRUMP will 'enhance its balance sheet with high-performance, scalable digital assets,' which seems pretty dubious given the coin has only existed for a few months and has been wildly volatile during that time. It should be noted that GD Culture Group is kind of a nothing of a company. According to the Times, it has eight total employees and a Chinese subsidiary brand and it operates an e-commmerce business on TikTok, from which it recorded zero revenue in 2024. Last month, it revealed that it was at risk of losing its listing on the NASDAQ after failing to meet financial requirements. Which brings us to the Trump of it all. There are two possibilities of what GD Culture Group is pulling here, and neither of them speaks particularly well of the President of the United States operating an influence peddling operation via memecoin. Taking GD Culture Group at their word that they will purchase $TRUMP, it's a pretty clear-cut attempt to curry favor with the leader of the free world while the company is in a tight spot. It probably could use some tariff relief, given its e-commerce operation and ties to China. Buying right now gives the company the opportunity to sit down directly with the President, as the team behind $TRUMP set up a promotion that will allow the top bag holders to have a private dinner with the President. GD Culture Group isn't the first company to explicitly try this, either—a North American-based freight company announced a similar plan to get in the room with Trump by buying up his token. But given how non-committal the language of the filing is, it's entirely possible that this is just a media play for the company. The Times called into question the possibility that GD Culture Group will actually follow through on its announcement, or if it even has the money to do so. But just announcing that it would get into the $TRUMP business has been a bit of a boon. The company's stock jumped 12% immediately following the announcement. So either this company is actually trying to buy influence by lining the pockets of the President, or the market will simply reward anyone who claims to be willing to go down that route. Neither of those options seems all that great.
