Trump Signs Executive Order to Establish U.S. Sovereign Wealth Fund

The fund aims to rival global giants like Norway's and Saudi Arabia's, with TikTok acquisition among potential investments.

President Donald Trump signed an executive order to create a U.S. sovereign wealth fund, modeled after funds in countries like Norway and Saudi Arabia.
The fund could potentially facilitate the acquisition of TikTok, though no final decision has been made on this transaction.
Treasury Secretary Scott Bessent and incoming Commerce Secretary Howard Lutnick will oversee the fund's development, with a timeline of twelve months for its establishment.
Trump envisions the fund reaching the scale of Saudi Arabia's Public Investment Fund, which holds assets exceeding €900 billion.
The initiative follows a U.S. law requiring TikTok's Chinese parent company, ByteDance, to sell the platform, citing national security concerns over data privacy.