US_ Trump Signs Order to Create Sovereign Wealth Fund, Says Could Be Used to Buy TikTok

THE EPOCH TIMES

Trump Signs Order to Create Sovereign Wealth Fund, Says Could Be Used to Buy TikTok

The fund will be created in the next 12 months.

U.S. President Donald Trump signs an executive order in the Oval Office of the White House on Jan. 30, 2025 in Washington. (Photo by ROBERTO SCHMIDT / AFP) Photo by ROBERTO SCHMIDT/AFP via Getty Images


By Emel Akan
2/3/2025  Updated: 2/3/2025


WASHINGTON—President Donald Trump signed an executive order on Feb. 3 ordering the creation of a sovereign wealth fund, which could potentially serve as an investment vehicle to purchase an interest in Chinese social media app TikTok.

“We have tremendous potential,” Trump told reporters in the Oval Office during the signing of the order. The president said Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for commerce secretary, will lead the effort.

Bessent, who was present at the signing, stated that the fund is expected to be operational within the next 12 months.

“I think it’s going to create value and be of great strategic importance,” Bessent said at the signing.

A sovereign wealth fund is a government-owned investment fund, typically funded by a country’s surplus reserves or revenue from natural resources. These funds are often used to support national economic goals and can function like venture capital by investing in various sectors. Notable examples of sovereign wealth funds include those in Norway, China, Abu Dhabi, Qatar, Singapore, and Hong Kong.

On his first day in office, Trump issued an executive order to pause the ban on TikTok for 75 days to allow the administration times to review the possible next steps with regard to the video-sharing platform.

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READ MORE: https://www.theepochtimes.com/us/trump-signs-order-to-create-sovereign-wealth-fund-says-could-be-used-to-buy-tiktok-5803434?ea_src=frontpage&ea_cnt=a&ea_med=top-news-1-top-stories-0-title-0

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