Trump orders creation of US sovereign wealth fund, says it could own part of TikTok

Summary

Trump signed an executive order to begin developing a U.S. sovereign wealth fund, which he said could take a 50% stake in TikTok if it is sold to an American buyer.

Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were tasked with laying the groundwork, though congressional approval may be required.

Trump noted that other nations have similar funds and aims to rival Saudi Arabia’s.