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Trump says US sovereign wealth fund could buy TikTok
STORY: U.S. President Donald Trump on Monday ordered the U.S. government to create for the first time a sovereign wealth fund within the next year, and said it could be used to purchase TikTok.“So other countries have sovereign wealth funds and they’re much smaller countries and they’re not the United States. We have tremendous potential in this country, tremendous.”Trump offered little in the way of detail and it was unclear how such a wealth fund would work. Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.Details on how exactly the fund would operate and be financed were not immediately available, but Trump previously said it could be funded by “tariffs and other intelligent things.” U.S. Treasury Secretary Scott Bessent:“We’re going to stand this thing up within the next 12 months. We are going to monetize the assets side of the U.S. balance sheet for the American people. We are going to put the assets to work and I think it’s going to be very exciting.”According to the International Forum of Sovereign Wealth Funds, there are over 90 such funds across the world managing over $8 trillion in assets.”We’re going to be doing something, perhaps, with TikTok.”TikTok, which has about 170 million American users, was briefly taken offline on January 18… one day before a law, requiring its Chinese owner ByteDance to either sell it or face a ban, took effect.Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the popular app’s future in February.
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