Trump says the sovereign wealth fund can buy tiktok

US President Donald Trump has taken the first step to creating a sovereign wealth fund for the United States and suggested that he could end up buying tiktok.

The president signed an enforcement order on Monday to launch the trial, stating that the fund would soon be “one of the largest.”

More than 90 countries have state funds for wealth, investing surplus in favor of future generations. However, the United States is currently managing a budget deficit.

“We will create a lot of wealth for the fund,” Trump told reporters without clarifying where the money will come from.

When Trump first sailed the idea of ​​sovereign wealth during his election campaign, he suggested that it could be funded by Tariffs and other intelligent things.

He has already announced plans to impose tariffs for imports by the three largest trading partners in America – China, Mexico and Canada.

But on Tuesday, the levies in Mexico and Canada were stopped for 30 days.

The US Department of Finance Secretary Scott Bensten said the Fund would be set up within the next 12 months and that the plan is to monetize assets that are currently owned by the US government for the US people.

Saudi Arabia and Norway have two of the world’s largest wealth funds, supported by fossil fuel sales revenue. They invest in companies and projects around the world.

Earlier, President Trump said the US State Wealth Fund would fund “major national endeavors”, including infrastructure projects such as airports, roads, and medical research.

After signing the executive order for the establishment of the fund, he also sailed the idea that he could buy the Tiktok Social Media Platform.

The social media company owned by Chinese was briefly offline in the United States last month because of fears of national security after previous administration ordered its owner to sell its operations in the United States or face a ban.

Trump delayed the ban, promising to find a solution after US consumers in the United States protested when stopping it.

“We’ll do something, maybe with a tyktok, and maybe not,” Trump said. “If we make the right deal, we will do it. Otherwise we will not … we can put it in the sovereign fund of wealth.”

However, the president has also recently said that technology giant Microsoft is in discussions about the acquisition of Tiktok and that he would like to see a “bidding war” regarding the sale of the social media application.

Other big names in technology, including Larry Elison and Elon Musk, are also floating as possible buyers.