Trump’s Superb Wealth Fund could own part of Tiktok, he says

Washington (AP) President Donald Trump on Monday signed an executive order that instructed the United States to take steps to start developing a state-owned investment fund he said could be used to make money on Tiktok If he is successful in finding it an American buyer.

Trump signed an order in his first day’s office to give the Chinese-owned Tiktok until early April to find a domestic partner or buyer but he said he is looking for the US to take a 50% share in it Massive social media platform. He said Monday in the Oval Office that Tiktok was an example of what he could put into a new American superb wealth fund.

“We may be able to put that in SOVEREIGN WEALTH Fund, no matter what we are doing, or we make a partnership with very wealthy people, a lot of opportunities,” he said of Tiktok. “But we could set it as an example in the fund. We have a lot of other things that we could put in the fund. “

Trump noted that many other nations have such investment funds and predicted that the United States could eventually Top Saudi Arabia’s fund size. “Eventually we catch it,” he promised.

Trump set the Ministry of Finance Scott Bessent and trade secretary Howard Lutnick responsible for laying the basis for creating a fund, which probably requires congressional approval.

Former President Joe Biden’s administration had investigated the possibility of creating a sovereign wealth fund for national security investments, but the idea did not give any concrete action until he left the office last month.

Bessent said the administration’s goal was to have the fund open within the next 12 months, and Lutnick said another use of the fund could have been for the government to take a profit -earning share in vaccine producers.

“The extraordinary size and scope of the US government and the business it does with businesses must create value for US citizens,” Lutnick told journalists.