Trump Signs Order Establishing U.S. Sovereign Wealth Fund, Eyes TikTok as Possible Asset [WATCH]​RVM News

President Donald Trump signed an executive order on Monday to establish the first-ever U.S. sovereign wealth fund, a move he said would create long-term financial stability and economic growth.. The announcement was made from the Oval Office as Trump fulfilled a campaign promise to develop a wealth fund similar to those operated by other nations.. Celebrate Trump’s Historic 2024 Victory with the Exclusive Trump 47th President Collection!. “It’s a very exciting event. We’re going to have a sovereign wealth fund, which we’ve never had,” Trump said.. Trump emphasized that while smaller nations have successfully operated sovereign wealth funds, the United States had yet to implement one.. “Other countries have sovereign wealth funds, and they’re much smaller countries, and they’re not the United States,” he said.. Are You Confident The Economy Will Improve Under Donald Trump’s Leadership?. Email Address (required). By completing the poll, you agree to receive emails from RVM News, occasional offers from our partners and that you’ve read and agree to our privacy policy and legal statement.. One of the potential assets for the new fund, according to Trump, could be TikTok, the Chinese-owned social media platform that has roughly 170 million U.S. users. Trump suggested that revenues from a possible acquisition or partnership involving TikTok could be allocated to the fund.. “As an example, TikTok, we’re going to be doing something perhaps … and we might put that in the sovereign wealth fund, whatever we make, or if we do a partnership with very wealthy people — a lot of options, but we could put that as an example in the fund. We have a lot of other things that we can put in the fund,” Trump stated.. The announcement comes amid broader discussions about Chinese divestment from TikTok as the platform faces scrutiny over data security concerns.. The possibility of divestment has also been linked to a 10% tariff Trump recently announced, which he framed as a measure to counter fentanyl exports.. Over the past four years, fentanyl-related overdoses have caused the deaths of at least 281,000 Americans.. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, who are leading the effort, provided details on how the fund would be structured.. “We’re going to stand this thing up in the next 12 months. We are going to monetize the asset side of the U.S. balance sheet for the American people. We are going to put the assets to work,” Bessent said.. Bessent added that best practices from sovereign wealth funds around the world had been studied and incorporated into the U.S. plan.. “It will be a combination of liquid assets, assets that we have in this country as we work, work to bring them out for the American people,” he noted.. Lutnick underscored the potential scale of the fund, emphasizing the vast business transactions conducted by the U.S. government and their potential to generate returns for American citizens.. “The extraordinary size and scale of the U.S. government, and the business it does with companies should create value for American citizens,” Lutnick said.. He provided an example, saying, “If we are going to buy 2 billion COVID vaccines, maybe we should have some warrants and some equity in these companies and have that grow for the health of the American people.”. The world’s largest sovereign wealth fund is Norway’s Government Pension Global Fund, which holds approximately $1.7 trillion in assets and reported a $222.4 billion profit last year.. The fund reinvests revenues generated from the country’s North Sea petroleum industry.. Other nations with significant sovereign wealth funds include China, Hong Kong, Abu Dhabi, and Kuwait, each managing over $1 trillion in assets.. Saudi Arabia and Singapore also maintain funds among the largest in the world.. During the campaign, Trump had proposed using revenue from tariffs and other economic strategies to build the U.S. fund.. Speaking at the Economic Club of New York, he outlined plans to direct those resources toward infrastructure projects, including highways, airports, manufacturing hubs, and medical research.. With the executive order now in place, the framework for the U.S. sovereign wealth fund will take shape in the coming months, with further details expected as the administration moves forward with implementation.

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