US sovereign wealth fund set up with ambition to buy TikTok

The order requires the Treasury and Commerce Departments to submit plans for the fund within 90 days, including recommendations on “funding mechanisms, investment strategies, fund structure, and governance model.”

US sovereign wealth fund set up with ambition to buy TikTok

If the fund is successful, the US will have a fund similar to many other countries, especially in the Middle East and Asia, which have established funds to invest directly with government money.

However, the US is running a deficit, so the creation of this fund would also likely require congressional approval.

Mr Trump said he would create a lot of wealth for the fund and that it was time for the country to have a sovereign wealth fund. The fund could be funded by “tariffs and other smart measures.

According to the International Forum of Sovereign Wealth Funds, there are more than 90 such funds worldwide, managing more than $8 trillion in assets. Many US states also have their own sovereign wealth funds, which rely on revenues from natural resources such as oil or land.

Mr. Trump also revealed that the wealth fund could buy TikTok - an app that has been in a state of uncertainty since a law requiring TikTok's owners to sell it for national security reasons or face a ban took effect on January 19.

Meanwhile, the US President is also negotiating with several people about buying TikTok and may decide on the future of the app in February. The app currently has 170 million users in the US.

If a deal is reached with TikTok, the government will do it, otherwise TikTok could be put into a sovereign wealth fund.

Source: https://kinhtedothi.vn/quy-dau-tu-quoc-gia-my-duoc-thanh-lap-voi-tham-vong-mua-tiktok.html