President Donald Trump took the first step towards the establishment of a sovereign wealth fund for the United States and suggested that he could eventually buy Tiktok.
The President signed an executive order on Monday to start the procedure, saying that the US Fund would soon be “one of the biggest”.
More than 90 countries have sovereign wealth funds, investing excess revenue in favor of future generations. However, the US is currently launching a budget deficit.
“We will create a lot of wealth for the fund,” Trump told reporters, not explaining where the money came from.
When Trump first floated with the idea of a sovereign wealth fund during his election campaign, he suggested that this could be funded by “tariffs and other intelligent things.”
He has already announced that he plans to impose tariffs on imports of three largest American trading partners – China, Mexico and Canada.
But on Tuesday, the name of Mexico and Canada stopped for 30 days.
US Minister Scott Bessent said the Fund would be founded in the next 12 months and that the plan was brought to the property currently owned by the US Government for the US people.
Saudi Arabia and Norway have two largest sovereign fund for wealth, supported by fossil fuel sales. They invest in companies and projects around the world.
President Trump has previously said that the US Sovereign Fund for wealth will finance “big national efforts”, including infrastructure projects such as airports, roads and medical research.
After signing the executive order to create a fund, he was also floating with the idea that she could buy a platform of social media ticta.
The Chinese Social Media company was briefly derived out of the US last month, because of the care of national security, after the previous administration ordered its owner to sell its American operations or confront the ban.
Trump delayed the ban, promising to find a solution after Tiktok’s users were now protesting at his shutdown.
“We’ll do something, maybe with Tictok, and maybe not,” Trump said. “If we do the right job, we will do it. Otherwise, we will not … we could put it in a fund of sovereign wealth.”
However, the president also recently said that the technological giant Microsoft was discussing the purchase of Tiktoca and that he would like to see the “warfare” for the sale of the social media application.
Other big names in technology, including Larry Ellison and Elona Musk, also floated as possible customers.
