Trump orders US sovereign wealth fund, hinting at possible TikTok purchase

US President Donald Trump signed an executive order on Monday (Feb. 4) directing the Treasury and Commerce Departments to set up a sovereign wealth fund. He also mentioned that this fund could potentially be used to buy the social media platform TikTok.

A sovereign wealth fund would basically serve as an investment fund for the country, running separately from the Federal Reserve and the Treasury Department. However, not many details were shared about how it would be created. Since it would need approval from Congress, there are still big questions like where the money for this fund would actually come from.

Speaking from the Oval Office, Trump stated: “I think it’s about time that this country had a sovereign wealth fund.

“I think in a short period of time, we’d have one of the biggest funds.”

In relation to the video sharing platform, he said: “We’re going to be doing something perhaps with TikTok, and perhaps not.”