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U.S. President Donald Trump signed an executive order to establish a sovereign wealth fund within a year, aiming to generate national wealth and potentially acquire TikTok. The order directs the Treasury and Commerce Departments to develop a plan within 90 days, outlining funding, investment strategies, and governance.
Trump has long advocated for such a fund to finance major infrastructure projects. However, since the U.S. operates at a deficit, experts say Congress must approve funding. Treasury Secretary Scott Bessent stated the fund would leverage liquid assets and other government resources for investment.
One possible model involves converting the U.S. International Development Finance Corp (DFC) into a sovereign fund. Trump recently nominated Benjamin Black, son of Apollo Global co-founder Leon Black, to lead the agency.
While sovereign wealth funds are common in resource-rich nations, their feasibility in the U.S. remains uncertain. Colin Graham of Robeco questioned the logic of creating such a fund without a budget surplus.
In a surprising move, Trump suggested the fund could buy TikTok. The app’s Chinese parent, ByteDance, faces a looming deadline to sell or risk a U.S. ban. Trump, who delayed enforcement of the ban, said discussions are ongoing, and a decision is expected soon.
With over 170 million U.S. users, TikTok remains a hotly debated national security concern. Trump hinted at a deal, stating, “If we make the right move, we’ll do it. Otherwise, we won’t.” The move signals a strategic shift in U.S. economic policy, blending state-backed investment with geopolitical maneuvering.
