By AP White House Correspondent Zeke Miller
Washington (AP) On Monday, President Donald Trump issued an executive order instructing the United States to begin creating a government-owned investment fund that, if he is successful in finding an American buyer for TikTok, could be used to benefit from the company.
On his first day in office, Trump signed an order giving the Chinese-owned TikTok until early April to find a domestic buyer or partner. However, he stated that he wants the United States to acquire a 50% share in the enormous social media network. TikTok is an example of what he could include in a new U.S. sovereign wealth fund, he stated Monday in the Oval Office.
We have many alternatives, including putting that in the sovereign wealth fund or partnering with really wealthy individuals, he said of TikTok. However, we may include that in the fund as an example. There are plenty other items we may include in the fund.
Trump anticipated that the size of the U.S. fund may surpass that of Saudi Arabia and pointed out that many other countries have similar investment pools. He assured us that we would eventually catch it.
Trump assigned Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent the task of establishing the foundation for the fund, which would probably need approval from Congress.
Before he left office last month, former President Joe Biden’s administration had looked into the prospect of setting up a sovereign wealth fund for investments in national security, but no real progress had been made on the subject.
According to Lutnick, the government could have used the fund to acquire a profit-making stake in vaccine makers, and Bessent stated that the administration’s objective was to have the fund operational within the following 12 months.
According to Lutnick, American citizens should benefit from the government’s exceptional size and scope as well as the business it conducts with businesses.