Trump signs order establishing a sovereign wealth fund that he says could buy TikTok

President Donald Trump signed an executive order on Monday to establish a government-run sovereign wealth fund aimed at economic development and potentially acquiring TikTok. Treasury Secretary Scott Bessent stated that the fund would be set up within the next year, focusing on infrastructure development and monetizing U.S. assets. The fund could potentially be used for “great national endeavors” and would help reduce U.S. dependence on issuing Treasury debt, similar to funds in China, Norway, and Singapore, which are involved in global financial markets.

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