Techfullnews

Trump throws an exclusive dinner to his top memecoin buyers

Trump throws an exclusive dinner

Former President Donald Trump has stirred controversy by announcing an exclusive dinner for the top 220 holders of $TRUMP, a meme coin he launched just before taking office. The event, promoted on the coin’s official website, offers a private reception with Trump and a VIP White House tour for the top 25 holders—raising serious ethical and legal concerns.

How the $TRUMP Coin Promotion Works

  • Selection Criteria: Winners are chosen based on how much $TRUMP they hold and how long they hold it between April 23 and May 12.
  • Price Surge: The announcement caused the coin’s value to spike over 50%, adding $100 million in market cap in a single day.
  • Volatile History: The coin peaked at 75.35∗∗beforeTrump’sinaugurationbuthassincecrashed∗∗8875.35∗∗beforeTrumpsinaugurationbuthassincecrashed∗∗889.18 before the contest.

Democrats Demand Investigation Into “Pay-to-Play” Corruption

The promotion has drawn sharp criticism from Democratic lawmakers, who argue it resembles political bribery.

  • Sen. Chris Murphy (D-CT) called it “the most brazenly corrupt thing a President has ever done.”
  • Sens. Elizabeth Warren (D-MA) & Adam Schiff (D-CA) formally requested an ethics probe, warning that the event could allow foreign actors and corporate interests to buy influence.
  • Key Concern: If large holders of $TRUMP include foreign nationals or corporate lobbyists, this could violate anti-corruption laws.

Why an Investigation Is Unlikely

Despite the uproar, legal action is improbable because:

  • Republicans control Congress, making ethics investigations difficult.
  • Trump fired the Ethics Office director earlier this year, weakening oversight.
  • Crypto regulations remain murky, giving Trump legal cover.

Trump’s Growing Ties to the Crypto Industry

This incident is part of Trump’s broader embrace of cryptocurrency:

  • Appointed a “Crypto Czar” (David Sacks) to shape digital asset policy.
  • Created a “Bitcoin Strategic Reserve” to hold BTC as a national asset.
  • Dismantled the DOJ’s crypto fraud unit, reducing enforcement.

In return, crypto firms have donated millions to Trump’s campaign and inauguration funds—raising questions about regulatory favoritism.

The Bigger Picture: Meme Coins, Political Influence, and Ethical Risks

This controversy highlights several critical issues:

  1. Can politicians legally profit from meme coins? (SEC regulations are unclear.)
  2. Should crypto holdings determine access to power? (Creates a pay-to-play system.)
  3. Could foreign entities exploit this? (If foreign nationals buy $TRUMP to gain White House access.)

Final Thoughts: A Dangerous Precedent?

While Trump’s supporters may see this as a savvy pro-crypto move, critics warn it sets a dangerous precedent—where political access is for sale via speculative digital assets.

As the 2024 election heats up, expect more scrutiny on Trump’s crypto dealings and whether this promotion crosses ethical (or legal) lines.

ADVERTISEMENT
RECOMMENDED
NEXT UP

President Donald Trump has prolonged the TikTok ban by 75 days. On Friday, Trump announced on Truth Social that he would be signing an executive order to give him extra time to reach a deal. The announcement comes only one day before the ban was scheduled to go into force.

“My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress,” Mr. Trump wrote. “The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days.”

Today’s announcement marks Trump’s second extension of the TikTok ban deadline. ByteDance’s original deadline to sell TikTok’s U.S. operations was January 19, according to a statute signed by former President Joe Biden last year. However, on his first day in office, Trump issued an executive order giving the firm an additional 75 days to reach an agreement.

Prior to the executive order’s signing, TikTok was momentarily taken offline and removed from the Apple and Google app stores before being reinstated.

According to Bloomberg, Trump evaluated a proposal from a group of US investors on Wednesday, which included Oracle, Blackstone, and Andreessen Horowitz. According to reports, the idea is a strong contender for a deal. Other interested parties include Amazon, Perplexity, billionaire Frank McCourt’s Project Liberty consortium, Walmart, AppLovin, and others.

It is important to note that any contract must be approved by the Chinese government before it can be consummated. Furthermore, ByteDance has indicated no interest in selling TikTok or lowering its share in the social network, as required by the TikTok ban legislation.

The action comes only days after Trump proposed sweeping tariffs, including a 34% tariff rate on China. Trump has previously said that he may lower tariffs on China to assist a TikTok agreement.

In his post announcing the extension of the TikTok ban date, Trump stated: “We want to continue working in good faith with China, who I understand are not very happy about our reciprocal tariffs (Necessary for Fair and Balanced Trade between China and the United States of America!). This demonstrates why tariffs are the most potent economic tool and critical to our national security! TikTok should not ‘go dark.’ We look forward to working with TikTok and China to complete the transaction. Thank you for paying attention to this topic!”

In retaliation for the duties, China announced on Friday that it will levy a 34% tariff on all US imports.

In a surprising move, Perplexity AI, the innovative AI search startup, has announced its intention to acquire TikTok and overhaul its core algorithm. The proposal, outlined in a recent blog post, aims to address growing concerns about TikTok’s data privacy, algorithmic transparency, and monopolistic practices. But is this a genuine bid to revolutionize social media, or just another headline-grabbing stunt from the ambitious startup?

What Makes Perplexity’s Bid Unique?

Perplexity claims it is uniquely positioned to rebuild TikTok’s algorithm from the ground up, ensuring compliance with U.S. regulations while maintaining independence from Big Tech monopolies. Unlike other potential buyers, such as Oracle, Microsoft, or investor consortiums, Perplexity emphasizes its “Little Tech” ethos—a commitment to transparency, innovation, and user-centric design.

Here’s how Perplexity plans to transform TikTok:

  1. Rebuilding the Algorithm in the U.S.
    The company proposes reconstructing TikTok’s recommendation system in American data centers under U.S. oversight, addressing national security concerns and ensuring compliance with local laws.
  2. Transparent and Open-Source Systems
    Perplexity aims to make TikTok’s algorithm open source, allowing researchers, developers, and users to understand how content is recommended—a move that could set a new standard for accountability in social media.
  3. AI Infrastructure Upgrades
    Leveraging Nvidia Dynamo technology, Perplexity plans to enhance TikTok’s AI capabilities, improving content delivery and personalization while reducing biases in the recommendation system.
  4. Citation Capabilities for Videos
    Borrowing from its own AI search tools, Perplexity intends to integrate citation features into TikTok videos, enabling users to verify sources and access additional context—a feature that could combat misinformation.
  5. Seamless Integration with Perplexity Search
    By merging TikTok’s vast video library with Perplexity’s advanced search capabilities, users could discover more relevant and personalized content, creating a richer, more informative experience.
  6. Multilingual Accessibility
    Automatic translation features would break down language barriers, making TikTok a truly global platform for content creators and viewers alike.

Why TikTok’s Future Hangs in the Balance

TikTok’s parent company, ByteDance, has faced mounting pressure from U.S. regulators over data privacy concerns and potential foreign influence. The app’s future in the U.S. has been uncertain since the Supreme Court ruled in January that the government could enforce a ban. Although President Trump temporarily delayed the ban, the deadline is fast approaching, leaving millions of users and creators in limbo.

Perplexity’s bid comes at a critical juncture, but it faces stiff competition from tech giants like Oracle and Microsoft, as well as investor groups led by Frank McCourt. With TikTok’s U.S. operations valued between 30billionand30billionand50 billion, Perplexity’s $18 billion valuation raises questions about its ability to secure the deal.

A History of Bold Moves

Perplexity is no stranger to attention-grabbing initiatives. From airing a high-budget Super Bowl ad mocking Google’s AI missteps to attempting to sponsor an F1 team, the startup has consistently made headlines. However, its TikTok bid raises eyebrows—some analysts speculate whether this is a genuine attempt to reshape social media or simply another publicity stunt.

What This Means for Users and Creators

If Perplexity succeeds, TikTok could undergo a dramatic transformation. Users might benefit from a more transparent, personalized, and informative platform, while creators could gain access to advanced tools for content discovery and audience engagement. However, the road ahead is fraught with challenges, including regulatory hurdles, technical complexities, and fierce competition.

The Bigger Picture: A New Era for Social Media?

Perplexity’s proposal highlights a growing demand for ethical, transparent, and user-focused social media platforms. As concerns about data privacy, algorithmic bias, and monopolistic practices continue to rise, initiatives like this could pave the way for a new era of digital innovation.

Whether Perplexity’s bid is genuine or not, it underscores the need for meaningful change in the tech industry. As the April 5 deadline for TikTok’s ban looms, all eyes are on the future of one of the world’s most popular social media platforms.

ADVERTISEMENT
Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles