GD Culture Group, not TikTok, was identified by The New York Times as the entity behind the $300 million TRUMP memecoin acquisition cited by Rep. Brad Sherman, though the firm has no formal affiliation with ByteDance

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In May, Nasdaq-listed GD Culture Group said it had signed a stock purchase agreement with a British Virgin Islands-based investor to sell up to $300 million worth of shares as part of its crypto treasury strategy, which includes buying bitcoin and the Official Trump memecoin.

Sherman's accusation appears to reference a small tech company called GD Culture Group that, according to The New York Times, has a Chinese subsidiary, only eight employees, and generated no revenue in the year before it announced a $300 million investment plan for the TRUMP meme coin.