WASHINGTON: President Donald Trump on Monday signed an executive order directing the US to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he\u2019s successful at finding it an American buyer.
\nTrump signed an order on his first day office to grant the Chinese-owned TikTok until early April to find a domestic partner or buyer, but he\u2019s said he\u2019s looking for the US to take a 50 percent stake in the massive social media platform. He said Monday in the Oval Office that TikTok was an example of what he could put in a new US sovereign wealth fund.
\n\u201cWe might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,\u201d he said of TikTok. \u201cBut we could put that as an example in the fund. We have a lot of other things that we could put in the fund.\u201d
\nTrump noted many other nations have such investment funds and predicted that the US could eventually top Saudi Arabia\u2019s fund size. \u201cEventually we\u2019ll catch it,\u201d he promised.
\nTrump put Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick in charge of laying the groundwork for creating a the fund, which would likely require congressional approval.
\nFormer President Joe Biden\u2019s administration had studied the possibility of creating a sovereign wealth fund for national security investments, but the idea did not yield any concrete action before he left office last month.
\nBessent said the administration\u2019s goal was to have the fund open within the next 12 months, and Lutnick said another use of the fund could have been for the government to take an profit-earning stake in vaccine manufacturers.
\n\u201cThe extraordinary size and scale of the USgovernment and the business it does with companies should create value for American citizens,\u201d Lutnick told reporters.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON: President Donald Trump on Monday signed an executive order directing the US to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he\u2019s successful at finding it an American buyer. Trump signed an order on his first day office to grant the …<\/p>\n","protected":false},"author":4,"featured_media":76576,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-76557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/76557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=76557"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/76557\/revisions"}],"predecessor-version":[{"id":76577,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/76557\/revisions\/76577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/76576"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=76557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=76557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=76557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}