The News
Some small Chinese companies are buying large amounts of US President Donald Trump’s memecoin in a bid to stay on US stock exchanges.
A Chinese tech firm and a garment company — both of which are at risk of being delisted from Nasdaq because of sinking values — saw their share prices temporarily surge after announcing plans to buy hundreds of millions of dollars’ worth of $TRUMP and other cryptocurrency.
The move showed how Trump’s embrace of digital tokens “has unlocked new avenues for companies and investors to profit from his brand,” The Wall Street Journal reported.
Trump is holding a gala Thursday for top holders of his memecoin, many of whom appear to be foreign buyers, raising concerns of ethical conflicts.
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