On Monday, President Donald Trump signed an executive order instructing the US to begin creating a government-run investment fund. He mentioned that this fund could potentially make a profit from TikTok if he succeeds in finding an American buyer for the app.

On his first day in office, Trump signed an order giving the Chinese-owned TikTok until early April to find a local buyer or partner. However, he has stated that he wants the US to acquire a 50% share in the enormous social media network. TikTok is an example of what he could include in a new US sovereign wealth fund, he stated Monday in the Oval Office. “We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.” 

Trump noted many other nations have such investment funds and predicted that the US could eventually top Saudi Arabia's fund size. Eventually, we'll catch it," he promised. Trump put Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in charge of setting the foundation for the fund, which would probably need approval from Congress. The establishment of a sovereign wealth fund for national security investments was considered by the previous administration of former President Joe Biden, but no real progress was made on the notion prior to his departure last month.

Bessent mentioned that the administration aims to have the fund set up within the next 12 months. Lutnick added that another possible use of the fund could have been for the government to invest in vaccine manufacturers and earn a profit. Lutnick told reporters that the vast size and scope of the US government’s business dealings with companies should ultimately benefit American citizens.