Trump Signs Order Establishing Sovereign Wealth Fund That He Says Can Buy TikTok

The United States is looking to add itself to the list of nations that have a sovereign wealth fund.

By Bella Javier Liamzon

Updated: Feb 04 2025, 01:15 AM EST

TikTok and the American Flag — In this photo illustration, the TikTok logo and flag of the United States are seen on screens on January 18, 2025 in Hong Kong, China. As the impending TikTok ban looms, users are increasingly migrating to alternative platforms like Xiaohongshu, driven by concerns over data privacy and the potential shutdown of their favorite app. This shift reflects a broader trend where users seek platforms that offer similar engagement without the uncertainty surrounding TikTok's future in the U.S., especially as legal battles and political pressures mount ahead of the January 19 deadline for compliance or a ban. Anthony Kwan/Getty Images

President Donald Trump has signed an executive order on Monday that kickstarts his proposed sovereign wealth fund.

Trump has previously said that he hopes a sovereign wealth fund can fund infrastructure projects, as well as medical research.

"We're going to create a lot of wealth for the fund," Trump said to reporters, according to the BBC.

US Treasury Secretary Scott Bessent previously said that the fund will take around 12 months to set up. As of press time, President Trump has not disclosed where the money for the fund will come from.

According to CNBC, Trump previously said that tariffs would be used to fund it.

The president has also suggested that the sovereign wealth fund can actually be used to buy social media app TikTok.

"We're going to be doing something, perhaps with TikTok, and perhaps not," he said. "If we make the right deal, we'll do it. Otherwise, we won't... we might put that in the sovereign wealth fund."

Trump was able to delay a ban that was set by the government of Former President Joe Biden.

Once setup has been completed, the United States will join the list of countries that have sovereign wealth fund. Among these countries are Saudi Arabia and Norway.