this post was submitted on 03 Feb 2025
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Economy

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Trump orders creation of US sovereign wealth fund, says it could buy TikTok (www.reuters.com)
submitted 4 months ago by Skyrmir@lemmy.world to c/economy@lemmy.world
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WASHINGTON, Feb 3 (Reuters) - U.S. President Donald Trump signed an executive order on Monday ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok. Trump offered little in the way of detail and it was unclear how such a wealth fund would work. Typically such funds rely on a country's budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.

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[โ€“] benignintervention@lemmy.world 6 points 4 months ago (1 children)

I smell a money laundering scheme

[โ€“] Skyrmir@lemmy.world 5 points 4 months ago

I couldn't tell over the stench of the other dozen money grabbing schemes.