Trump-themed memecoin $TRUMP gets new investor in Chinese technology company GD Culture Group

A struggling technology company that has ties to China and relies on TikTok for revenue has announced plans to buy up to $300 million of a memecoin marketed by former President Donald Trump.

The company, GD Culture Group, is a publicly traded firm with a Chinese subsidiary that provides e-commerce services on TikTok, the Chinese-owned video-sharing app. It has only eight employees and reported zero revenue for the past year, according to its latest financial filing.

On Monday, the Nasdaq-traded company said it would use proceeds from a stock sale to an unnamed entity in the British Virgin Islands to invest in Bitcoin and $TRUMP.

The company confirmed the investment plan in a Form 8-K filing, which was submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday evening.

The news comes as Mr. Trump’s crypto venture has raised concerns among ethics experts, who say the president is profiting directly from the memecoin venture.

The coin, which is marketed with Mr. Trump’s likeness and slogan, is a type of cryptocurrency based on an online joke or celebrity mascot, known for having no utility beyond speculation.

The $TRUMP coin is being sold by the 45th president through his new company, Trump Digital LLC, which is handling the coin’s operations and tokenization.

The president’s role in the venture has raised concerns about potential conflicts of interest, especially as the Trump family will receive a percentage of the coin’s profits.

Earlier this year, Mr. Trump announced the launch of his new company, Trump Digital LLC, which will be handling the coin’s operations and tokenization.

The move comes as Mr. Trump continues to build his brand and generate revenue streams following his presidency.

The $TRUMP coin is expected to be launched in the coming months, and it will be interesting to see how the coin performs and whether it can generate significant interest among crypto investors.

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output: A struggling technology company that has ties to China and relies on TikTok (NYSE:MSFT) for revenue has announced plans to buy up to $300 million of a memecoin marketed by former President Donald Trump.

The company, GD Culture Group (NASDAQ:GDCNR), is a publicly traded firm with a Chinese subsidiary that provides e-commerce services on TikTok, the Chinese-owned video-sharing app. It has only eight employees and reported zero revenue for the past year, as of its latest financial filing.

On Monday, the Nasdaq-traדים company said it would use proceeds from a stock sale to an unnamed entity in the British Virgin Islands to invest in Bitcoin and $TRUMP.

GD Culture Group confirmed the investment plan in a Form 8-K filing, which was submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday evening.

The news comes as Mr. Trump’s crypto venture has raised concerns among ethics experts, who say the president is profiting directly from the memecoin venture.

Memecoins like $TRUMP are a type of cryptocurrency based on an online joke or celebrity mascot and have traditionally not had any utility beyond speculation.

In its statement, GD Culture Group said it would spend $300 million on a stockpile of Bitcoin and $TRUMP, using proceeds from the sale of 118.8 million shares of its stock at $2.50 per share to an entity in the British Virgin Islands.

The company added that it had no involvement in the valuation of the shares or the entity that acquired them.

The company, which is also known as Good Culture Group, confirmed that it is in the process of applying to list its stock on the New York Stock Exchange.

Earlier this year, Mr. Trump announced the launch of his new company, Trump Digital LLC, which will be handling the coin’s operations and tokenization.

The move comes as Mr. Trump continues to build his brand and generate revenue streams following his presidency.

The $TRUMP coin is expected to be launched in the coming months, and it will be interesting to see how the coin performs and whether it can generate significant interest among crypto investors.

The post Struggling tech firm to buy $300m of Trump memecoin and Bitcoin appeared first on Forex News.

The post Struggling tech firm to buy $300m of Trump memecoin and Bitcoin appeared first on Smart Asset Blog.