Trump signs order to create US sovereign wealth fund, eyeing TikTok purchase
President Trump on Monday directed secretaries to begin a process to create an American sovereign wealth fund, suggesting it could partially own the popular app TikTok.
The president signed an executive order in the Oval Office to have Treasury Secretary Scott Bessent and Commerce secretary nominee Howard Lutnick create and lead such a fund.
“It’s a very exciting event. We’re going to have a sovereign wealth fund, which we’ve never had,” the president said. “We have a lot of things that create wealth and you’re seeing that over the last two weeks, I think we’ve created more wealth.”
Bessent called the fund “very exciting” and said a fund will be created within the next 12 months, noting it will aim to monetize the asset side of the U.S. balance sheet and “put the assets to work.”
“TikTok — we’re going to be doing something, perhaps, with TikTok, and perhaps not, if we make the right deal we’ll do it, otherwise we won’t, but I have the right to do that,” Trump said. “And we might put that in the sovereign wealth fund, whatever will make. Or if we do a partnership with very wealthy people. A lot of options, but we could put that as an example of the fund.”
The president also said he wants to eventually “catch” the Saudi Arabia wealth fund and argued that the U.S. can have one of the biggest funds in a small period of time.
Trump has pushed to reach a deal to keep TikTok active in the U.S. and attributes his popularity on the app to his support from young people in the 2024 race.
Trump signed an executive order on his first day in office halting for 75 days the enforcement of the law that required TikTok's parent company to divest itself of the app. The ban on TikTok was set to go into effect the day before Trump was sworn in, after the app’s China-based parent company, ByteDance, failed to divest as required by a law passed by Congress and signed by former President Biden.
-
Trump signs order establishing a sovereign wealth fund that he says could buy TikTok
The fund would serve as an economic development tool and perhaps be used to buy TikTok.CNBC - 44m -
Trump moves to develop sovereign wealth fund to 'create value for American citizens'
President Donald Trump said Monday he would create a sovereign wealth fund, a pool of assets like those that exist in other countries that can help pay out regular funds to ordinary citizens.NBC News - 49m -
5 things to know about Trump's plan to create a sovereign wealth fund
President Trump is taking steps to overhaul the way the U.S. government invests its money and change the nature of America’s financial presence abroad. The president signed an executive order ...The Hill - 54m -
Trump orders creation of a U.S. sovereign wealth fund
President Trump is directing his commerce and treasury secretaries to create what's called an American sovereign wealth fund.CBS News - 2h -
Trump signs order to create sovereign wealth fund that could buy TikTok
President decrees US treasury and commerce departments to create fund after delaying ban of ByteDance-owned app. Donald Trump signed an executive order on Monday ordering the US treasury and ...The Guardian - 3h
More from The Hill
-
Democrat places blanket hold on Trump’s State Department picks over targeting of USAID
Sen. Brian Schatz (D-Hawaii), a member of the Senate Foreign Relations Committee, announced Monday he will place a blanket hold on all of President Trump’s nominees to the State Department until ...The Hill - 45m -
5 things to know about Trump's plan to create a sovereign wealth fund
President Trump is taking steps to overhaul the way the U.S. government invests its money and change the nature of America’s financial presence abroad. The president signed an executive order ...The Hill - 54m -
18 House GOP lawmakers back Trump’s birthright citizenship order in court
A contingent of House Judiciary Committee Republicans backed President Trump’s order restricting birthright citizenship, filing a brief Monday in a lawsuit filed by four Democratic state attorneys ...The Hill - 55m -
Court restores protections for critically endangered whales off New England
A Massachusetts court on Monday restored federal protections for endangered whales off New England against entanglement in fishing equipment, overruling a lower court that struck down the federal ...The Hill - 1h -
Ron Johnson: 'I share the market’s concern' on Trump tariffs
Sen. Ron Johnson (R-Wis.) said Monday that he is in line with “the market’s concern” about President Trump’s recent tariffs. “I share the market’s concerns. … I want free trade around the world,” ...The Hill - 1h
More in Politics
-
White House says Elon Musk serving as a 'special government employee'
Elon Musk is serving in the Trump administration as a "special government employee," according to a White House official.NBC News - 11m -
White House says Elon Musk serving as a 'special government employee'
Elon Musk is serving in the Trump administration as a "special government employee," according to a White House official.NBC News - 11m -
Trump tariffs stand to leave his voters feeling 'betrayed,' says Kentucky Gov. Beshear
Kentucky Governor Andy Beshear (D) joins Meet the Press NOW to discuss the impact Trump's tariffs will have on Kentucky and the nation.NBC News - 24m -
Trump tariffs stand to leave his voters feeling 'betrayed,' says Kentucky Gov. Beshear
Kentucky Governor Andy Beshear (D) joins Meet the Press NOW to discuss the impact Trump's tariffs will have on Kentucky and the nation.NBC News - 24m -
Trump honors the Florida Panthers for their Stanley Cup win at the White House
President Trump welcomed the Florida Panthers to the White House to celebrate their 2024 Stanley Cup championship in the National Hockey League.NBC News - 25m