New Trump Order Creates Fund That Could Buy TikTok

Reuters reports:

President Donald Trump signed an executive order on Monday ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok.

“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,” he told reporters. “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.”

Details on how exactly the fund would operate and be financed were not immediately available, but Trump previously said it could be funded by “tariffs and other intelligent things.” Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit.

Read the full article. Trump previously floated billionaire megadonor Larry Ellison to run TikTok for the US. Ellison, who is also engineering the takeover of Paramount Global, was in the Oval Office for today’s signing. TikTok, for now, is the only major social media platform not in the clutches of MAGA billionaires.