WASHINGTON—President Donald Trump signed an executive order on Feb. 3 ordering the creation of a sovereign wealth fund, which could potentially serve as an investment vehicle to purchase Chinese social media app TikTok.
“We have tremendous potential,” Trump told reporters in the Oval Office during the signing of the order. The president said Treasury Secretary Scott Bessent and Howard Lutnick, the nominee for Commerce secretary, will lead the effort.
Bessent, who was present at the signing, stated that the fund is expected to be operational within the next 12 months.
“I think it’s going to create value and be of great strategic importance,” Bessent said at the signing….