On Monday, President Donald Trump announced the establishment of a US sovereign wealth fund through an executive order, which may be utilized for acquiring TikTok, currently under threat of a ban. Highlighting the potential of the US economy, Trump compared it to smaller nations with existing funds. TikTok is racing against time to develop a response strategy before an impending Supreme Court ruling. Meanwhile, Treasury Secretary Scott Bessent indicated the fund's setup would occur within a year, with Trump emphasizing a collaborative approach to the TikTok deal.
"So other countries have sovereign wealth funds, and they're much smaller countries, and they're not the United States. We have tremendous potential in this country."
"If we make the right deal, we'll do it; otherwise, we won't. But I have the right to do that and we might put that in the sovereign wealth fund."
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