$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.
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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 report.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.ALSO 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 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 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.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.It's a memecoin linked to Donald Trump, and mostly owned by his organization.No, GD Culture Group recorded no revenue last year.
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