President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding the company an American buyer.

Summary

Trump signed an executive order to begin developing a U.S. sovereign wealth fund, which he said could take a 50% stake in TikTok if it is sold to an American buyer.

Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were tasked with laying the groundwork, though congressional approval may be required.

Trump noted that other nations have similar funds and aims to rival Saudi Arabia’s.

  • socsa@piefed.socialEnglish
    1·
    3 days ago

    This makes no sense when you issue sovereign bonds, and they are the most desirable investment vehicle in the history of the world.

    Nobody is going to buy bonds backed by SPY when they could just buy SPY.