President Donald Trump on Monday signed an executive order to create a U.S. sovereign-wealth fund, which he suggested could factor into a deal that keeps TikTok in operation. Trump already delayed enforcement of the U.S. TikTok ban after the popular short-video app briefly went offline last month.
"We're going to be doing something, perhaps, with TikTok, perhaps not," Trump said at an Oval Office ceremony, where he signed the wealth fund's executive order.
The Oval Office briefing included remarks from Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
Bessent told reporters, "We're going to monetize the asset side of the U.S. balance sheet for the American people," according to the Wall Street Journal. It remains unclear, however, how the fund would operate, as well as whether it would be approved by Congress.
But Trump envisioned the fund benefiting from TikTok.
"If we make the right deal, we'll do it," Trump said. "Otherwise we won't. But I have the right to do that, and we might put that in the sovereign-wealth fund, whatever we make. Or if we do a partnership with very wealthy people – a lot of options. But we could put that, as an example, in the fund."
TikTok Ban: Trump's 75-Day Reprieve
TikTok temporarily closed off its services to its 170 million U.S. users on Jan. 18, complying with a U.S. law that banned the short video app if its Chinese parent ByteDance didn't divest the business.
But through an executive order on his first day in office Jan. 20, Trump instructed the attorney general to avoid enforcing the TikTok ban for 75 days while he reviewed other options. Trump also wrote on social media last month that he "would like the United States to have a 50% ownership position in a joint venture" for TikTok.
TikTok remains in operation for U.S. users, though it is still not available for new downloads or updates on app stores run by Apple and Google.
Trump told reporters last Saturday that he has "spoken to many people about TikTok and there is great interest" in a potential deal. He said a decision could come within 30 days.
