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President Donald Trump is directing the United States to develop a government-owned investment fund known as a sovereign wealth fund.
“It’s a very exciting event,” Trump said and added that much smaller countries already have wealth funds.
Trump hinted that the wealth fund could be used to buy TikTok.
“We’re going to be something perhaps with TikTok,” Trump said. “We might put that in the sovereign wealth fund.”
A federal ban on the app went into effect in January after the Supreme Court upheld a law passed by Congress that required the company to be sold to a non-Chinese company.
There are concerns about the Chinese government controlling data on 170 million United States users.
Trump has paused enforcement of the ban as he continues to pressure the social media app’s owner, Bytedance, to sell.
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are in charge of creating the sovereign wealth fund.
Bessent said they hope to have the fund set running in about a year.
“It’s going to create value and be of great strategic importance,” Bessent said.
