Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size.

President Trump on Monday directed secretaries to begin a process to create an American sovereign wealth fund, suggesting it could partially own the popular app TikTok. The president signed an executive order in the Oval Office to have Treasury Secretary Scott Bessent and Commerce secretary nominee Howard Lutnick create and lead such a fund.

President Donald Trump signed an executive order on Monday to create a U.S. sovereign wealth fund and suggested that it could be used to purchase TikTok.

US President Donald Trump signed an executive order on Monday ordering the US Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok

Shortly after taking office Monday, the president issued the order to delay the app’s ban for 75 days. The law went into effect on Sunday.

Measure directs Justice Department to not enforce the law for 75 days while administration determines “the appropriate course forward.”

Trump changed his stance on TikTok after the app significantly boosted his prospects among young voters during his presidential campaign for the White House.