WASHINGTON — President Trump signed an executive order Monday to create a sovereign US wealth fund — saying that TikTok may become one of its first acquisitions.
The world’s largest and wealthiest sovereign funds are owned by China and resource-rich countries like Norway and Middle Eastern emirates.
“Other countries have sovereign wealth funds, and they’re much smaller countries, and they’re not the United States,” Trump said.
“As an example, TikTok, we’re going to be doing something perhaps … and we might put that in the sovereign wealth fund, whatever we make, or if we do a partnership with very wealthy people — a lot of options, but we could put that as an example in the fund.
“We have a lot of other things that we can put in the fund.”
“We’re going to stand this thing up in the next 12 months. We are going to monetize the asset side of the US balance sheet for the American people. We are going to put the assets to work,” Bessent said.
“And I think it’s going to be very exciting. We’ve studied best practices that’s done around the world. It will be a combination of liquid assets, assets that we have in this country as we work, work to bring them out for the American people.”
Lutnick added that “the extraordinary size and scale of the US government, and the business it does with companies should create value for American citizens.”
Trump signs order creating first-ever US sovereign wealth fund — and TikTok could be its first purchase
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