TikTok dismissed Sherman’s narrative and highlighted that his interpretation of a recent letter was misleading. The company stressed that no such transaction had occurred and described the allegations as baseless.
Critics argue that the President lacked legal grounds to extend the deadline, citing the initial law passed by Congress that allowed for only one extension.
Beyond TikTok, the TRUMP memecoin itself is drawing scrutiny from the industry.
Several US lawmakers and nonprofit watchdogs have expressed concern over the potential misuse of political office for personal financial gain, especially through tokens with no clear use case or underlying value.
As of press time, it was trading around $9.43, down significantly from its January all-time high of $44.28.
