Donald Trump signed an executive order on Monday that called for the creation of a sovereign wealth fund, which he suggested could be used to purchase TikTok and pursue other national projects.
"I think it’s about time that this country had a sovereign wealth fund," Trump told reporters, according to Reuters. He has previously floated the idea, saying it could fund "great national endeavors" such as airports and highways.
Trump said it could mirror state-owned investment funds in countries such as Norway and Saudi Arabia, which direct their national budgets into financial assets such as stocks, bonds and real estate, CNN reported.
His administration didn't provide details on how the fund would be financed. Trump has previously suggested "tariffs and other intelligent things."
"We’re going to stand this thing up within the next 12 months. We’re going to monetize the asset side of the U.S. balance sheet for the American people," Treasury Secretary Scott Bessent said, according to CNBC. "There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."
TikTok, which has 170 million American users, is looking to stay in the U.S.; Trump has paused enforcement of a ban on the app until April. A federal law requires TikTok to be sold to a non-Chinese company or leave due to security concerns.
Trump has said he wants to broker a deal that gives the U.S. government 50% control of the app, and that he believes the app is worth $1 trillion.
An acquisition by the U.S. government could raise questions over how the platform would be managed, per CNN.
"We're going to be doing something, perhaps with TikTok, and perhaps not," Trump said. "If we make the right deal, we'll do it. Otherwise we won't. And we might put that in the sovereign wealth fund, whatever we make. Or if we do a partnership with very wealthy people. A lot of options."
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