Trump signs executive order to create a sovereign wealth fund: it can be used to buy TikTok
Kyiv • UNN
The US President signed a decree to create a state investment fund within 12 months. The fund can be used to acquire TikTok and other national projects.
On Monday, US President Donald Trump signed a decree ordering the Treasury and Commerce departments to create a sovereign wealth fund, and said that this fund could be used to acquire TikTok, UNN reports citing Voice of America.
We are going to create this fund over the next 12 months. We intend to monetize the assets of the American balance sheet for the American people
Trump had already proposed the creation of such a public investment fund when he was a presidential candidate, saying that it could finance "great national endeavors," including infrastructure projects such as highways and airports, manufacturing, and medical research.
Details of how the fund will work and be financed are still unknown, but Trump has previously said that it could be financed by "tariffs and other reasonable things.
According to the International Forum of Sovereign Wealth Funds, there are more than 90 such funds in the world, managing assets worth more than $8 trillion.
Addendum
TikTok, which has about 170 million U.S. users, was briefly disconnected from the network shortly before a law went into effect on January 19 requiring its Chinese owner, ByteDance, to either sell it for national security reasons or ban it.
After taking office on January 20, Trump signed an executive order postponing the law's entry into force for 75 days.
Trump said that he has been in talks with several possible buyers to buy TikTok and is likely to make a decision on the popular app's future in February.
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