US president Donald Trump has signed an executive order compelling the country's treasury and commerce departments to create a sovereign wealth fund that he said could be used to purchase the social media platform TikTok.
"We have tremendous potential," Trump told reporters at the Oval Office on Monday (3 February). "I think in a short period of time, we'd have one of the biggest funds." Trump's realised tariff threats sends markets and currencies into a tailspin The president has put Scott Bessent and Howard Lutnick, the Trump-nominated commerce secretary, in charge of spearheading the fund and laying the groundwork for its creation. Trump had previously attempted to ban TikTok during his first term in office, but said in a Truth Social post: "We are going to be doing something with TikTok, perhap...
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