Mon, 03 Feb 2025

US sovereign wealth fund could buy TikTok, Trump says

The president has kickstarted the creation of a national fund, which he says could buy the social media platform.

* US President Donald Trump has signed an executive order to set up a sovereign wealth fund, which could invest in companies like TikTok.
* The fund would be "one of the biggest" and would be used for future generations' benefit, but it's unclear where the money will come from.
* Over 90 countries have sovereign wealth funds, investing surplus income.
* The US currently runs a budget deficit, but Trump says the fund will create wealth through tariffs and other means.
* He has announced plans to impose tariffs on imports from China, Mexico, and Canada, but has paused the levies on Mexico and Canada for 30 days.
* The Treasury Secretary says the fund will be set up within 12 months and will monetize US government assets "for the American people".
* Trump has also suggested that the sovereign wealth fund could buy TikTok, a Chinese-owned social media company.
* However, Microsoft is also in talks to acquire TikTok, and Trump has hinted at wanting a "bidding war" over the sale of the platform.
  >>