OAN Staff James Meyers
1:25 PM – Monday, February 3, 2025
President Donald Trump has directed his administration to begin a process to create an American sovereign wealth fund, suggesting it could partially own TikTok.
On Monday, the president signed an executive order in the Oval Office to have Treasury Secretary Scott Bessent and Commerce secretary nominee Howard Lutnick create and lead a specific fund.
“It’s a very exciting event. We’re going to have a sovereign wealth fund, which we’ve never had,” the president said. “We have a lot of things that create wealth and you’re seeing that over the last two weeks, I think we’ve created more wealth.”
“TikTok — we’re going to be doing something, perhaps, with TikTok, and perhaps not, if we make the right deal we’ll do it, otherwise we won’t, but I have the right to do that,” Trump said. “And we might put that in the sovereign wealth fund, whatever will make. Or if we do a partnership with very wealthy people. A lot of options, but we could put that as an example of the fund.”
The 47th president also noted that many other nations have such investment funds and predicted that the U.S. could end up overtaking Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised.
Additionally, Trump has pushed to reach a deal to keep TikTok active in the U.S. and gives credit to his popularity to his young supporters in the 2024 presidential race.
The move also comes after Trump signed an executive order on his first day in office suspending the enforcement of the law for 75 days that required TikTok’s parent company to deprive itself of the app.
The ban was set to go into effect the day before Trump became president, after the app’s China-based parent company, ByteDance, did not divest as required by a law that Congress passed and was signed by former President Joe Biden.
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