Trump's new sovereign wealth fund may soon purchase TikTok
What's the story
President Donald Trump has signed an executive order to create a US sovereign wealth fund. The strategic move is expected to be put into action within the next year by the US Treasury and Commerce Departments. The President has also hinted at the possibility of using this fund to acquire popular social media platform, TikTok.
Fund financing
Funding sources for the new wealth fund
While the exact method of establishing the US sovereign wealth fund remains unclear, Trump has previously suggested that it could be financed through "tariffs and other intelligent things," Reuters reported. The statement hints at a potential link between international trade policies and the funding strategy for this new financial entity.
App status
TikTok's uncertain future in the US
In a related development, Trump has also pushed the deadline for banning TikTok by 75 days with another executive order. The app had gone offline for some half a day but is now back in action, albeit not available on app stores. The President has been in talks with multiple suitors for the social media platform, including tech giants Microsoft and Oracle.
Decision pending
Trump's decision on TikTok's future
Trump has also been open to the idea of Tesla CEO Elon Musk or Oracle chairman Larry Ellison buying TikTok. He expects to decide on the app's future in the US by February. This timeline indicates that we may see major developments on both the newly formed sovereign wealth fund and TikTok's fate in the coming weeks.