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Trump orders US wealth fund, eyes TikTok purchase with investors

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Feb 2025 23:36
3 Min Read

The order instructs the agencies to develop the fund within the next 12 months, aiming to monetize government-owned assets for the benefit of the American public.

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    President Donald Trump speaks as Commerce Secretary nominee Howard Lutnick listens in the Oval Office of the White House, Monday, February 3, 2025, in Washington, as Trump prepares to sign an executive order. (AP)

US President Donald Trump has signed an executive order directing the Treasury and Commerce Departments to establish a US sovereign wealth fund, a move that could reshape federal asset management and potentially lead to the government purchasing TikTok.

The order instructs the agencies to develop the fund within the next 12 months, aiming to monetize government-owned assets for "the benefit of the American public."

"We're going to stand this thing up within the next 12 months. We're going to monetize the asset side of the US balance sheet for the American people," Treasury Secretary Scott Bessent told reporters. He added that the fund would consist of a mix of liquid and domestic assets, with plans to bring them "out for the American people."

Trump’s push for a sovereign wealth fund

Trump has long supported the idea of a government-backed investment vehicle, previously suggesting that such a fund could be used to finance major infrastructure projects, including highways, airports, manufacturing initiatives, and medical research.

While the specific financing mechanisms remain unclear, Trump has floated the idea that the fund could be backed by "tariffs and other intelligent things." Unlike sovereign wealth funds in other nations, which typically rely on budget surpluses, the US government runs a deficit, raising questions about how the fund would be structured.

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According to the International Forum of Sovereign Wealth Funds, more than 90 such funds exist worldwide, collectively managing assets exceeding $8 trillion.

Read more: China mulls potential sale of TikTok US to Elon Musk: Bloomberg

TikTok acquisition under consideration, Saudi investors express interest

Alongside the creation of the fund, Trump has indicated that it may be used to acquire TikTok, the popular social media platform with 170 million US users.

TikTok’s Chinese parent company, ByteDance, has been under pressure to divest its US operations after a national security law was enacted requiring the sale or a potential ban of the app. The platform was briefly taken offline in January, just before the law came into effect on January 19. However, after taking office on January 20, Trump signed an executive order delaying the enforcement of the law by 75 days, allowing ByteDance more time to negotiate a sale.

Trump has stated that he is in discussions with multiple interested parties and expects to make a final decision on TikTok’s future in February.

One potential investor in the deal is Saudi Arabia’s Kingdom Holding Company (KHC), led by Prince Alwaleed bin Talal. KHC has expressed interest in investing in TikTok, particularly if Elon Musk or another high-profile buyer acquires the platform, according to reports.

Trump has previously stated that he would support Musk purchasing TikTok, saying, "I would be, if he wanted to buy it. I'd like Larry to buy it, too." KHC already holds stakes in Musk's ventures, including X and artificial intelligence firm xAI, making Saudi financial backing a possible component of any acquisition bid.

Read more: Saudi's KHC eyes TikTok investment if Musk becomes buyer

  • Elon Musk
  • TikTok
  • Donald Trump

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