Donald Trump orders creation of U.S. sovereign wealth fund, says it could buy TikTok
The Hindu
President Trump orders creation of U.S. sovereign wealth fund, potentially purchasing TikTok, aiming to benefit American people.
U.S. President Donald Trump signed an executive order on Monday (February 3, 2025) ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok.
"We're going to stand this thing up within the next 12 months. We're going to monetise the asset side of the U.S. balance sheet for the American people," Treasury Secretary Scott Bessent told reporters. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."
Mr. Trump had previously floated such a government investment vehicle as a presidential candidate, saying it could fund "great national endeavours" like infrastructure projects such as highways and airports, manufacturing, and medical research.
Details on how exactly the fund would operate and be financed were not immediately available, but Mr. Trump previously said it could be funded by "tariffs and other intelligent things." Typically such funds rely on a country's budget surplus to make investments, but the U.S. operates at a deficit.
There are over 90 such funds across the world managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds.
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