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. The fund is expected to be created in the next 12 months by the U.S. Treasury and Commerce Departments, although the exact details are unclear. Trump has stated that the fund could be funded by “tariffs and other intelligent things,” according to Reuters.
Trump signed an executive order last month to delay the TikTok ban deadline by 75 days. Although the app is now available online after a brief outage, it remains absent from app stores.
Trump has stated that he has been in talks with multiple parties interested in purchasing the social network. Last week, he revealed that Microsoft was in discussions to acquire TikTok, with the app’s future uncertain. Previously, he expressed openness to Elon Musk or Larry Ellison buying TikTok.
He has indicated that a decision regarding the app’s future in the U.S. is likely to be made in February.
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