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

President Donald Trump on Monday signed an executive order that outlines plans to for a government-run sovereign wealth fund to serve as an economic development tool and perhaps be used to buy TikTok.

Among the aims for the fund would be developing infrastructure such as airports and highways, and it could help the U.S. extend its influence in areas such as Panama and Greenland.

"We're going to stand this thing up within the next 12 months. We're going to monetize the asset side of the U.S. balance sheet for the American people," U.S. Treasury Secretary Scott Bessent said during a media parley. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."

There were no other details for a fund Trump said during his campaign could back "great national endeavors." He has said tariffs could help provide funding. Other nations use taxes on natural resources, financial transactions carbon use as funding mechanisms.

A discussed deal in which the U.S. would become a partner in social media platform TikTok would be one potential use, Trump said. The app was taken offline briefly amid security concerns, but Trump signed an order allowing it back for a 75-day period during which it likely will have to divest itself of Chinese interests.

Though the idea of such a U.S. fund has been brought up before, the vehicles are generally used by smaller nations with vast natural resources as well as fiscal surpluses to deploy — unlike the U.S., which has been running massive budget deficits.

Nations with the funds include China, Norway and Singapore. A U.S. fund could help it compete with those countries and might make the government less dependent on issuing Treasury debt to raise money.

Norway has the largest sovereign wealth fund, with more than $1.7 trillion in assets, according to the Sovereign Wealth Fund Institute. The China Investment Corp follows with $1.3 trillion.

These funds are involved in global financial markets through investments in stocks, bonds and real estate, along with stakes in infrastructure and private equity. Critics say a lack of transparency can lead to conflicts and corruption if there are not strict governance rules.