Trump has created a U.S. wealth fund for the possible purchase of social network TikTok

US President Donald Trump has set up a wealth fund for the possible purchase of social network TikTok. This was reported by The Hindu on February 3.

It is learnt that Trump signed an executive order on the same day ordering the creation of a sovereign wealth fund within the next year, saying he could potentially buy TikTok.

"We're going to get up and running over the next 12 months. We're going to monetize the asset side of the U.S. balance sheet for the American people. <...> There's going to be a combination of liquid assets, assets that we have in this country as we work to introduce them to the American people," Treasury Secretary Scott Bessent told reporters.

Details on exactly how the fund will operate and be financed are not yet available, but the newspaper reported that Trump has suggested it could be financed through tariffs.

According to the International Forum of Sovereign Wealth Funds, there are more than 90 such funds worldwide, managing more than $8 trillion in assets.

Earlier, on January 25, Trump said he was in talks with several people about buying TikTok and would likely make a decision on the future of the popular app within the next 30 days. Meanwhile, shortly before that, NPR radio reported that the White House was in talks to have Oracle and investors take control of TikTok.

Before that, on January 21, Trump signed an executive order to delay the blocking of the social network TikTok in the country for 75 days. It is specified that the postponement of the blocking will allow the new administration to determine the "appropriate course of action" in relation to the social network.

NBC News reported on January 19 that TikTok became inaccessible to U.S. residents. It was specified that the social network disappeared from the App Store and Google Play app stores.

Later that day, Trump published in Truth Social an appeal to keep the application available and said he would issue an executive order freezing the implementation of the law banning TikTok on the day of his inauguration. The politician specified that the decree could include the sale of 50% of the company to a new owner. At the same time, the video platform restored service to US users and expressed gratitude to Trump for expressing his desire to make TikTok available.

On April 24, 2024, then-acting U.S. President Joe Biden signed legislation to ban the social network. Senators in Congress then approved the measure by an overwhelming majority because they believed that the Chinese government could secretly spy on US citizens through the app.