U.S. President Donald Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy TikTok, Reuters’ Trevor Hunnicutt and Pete Schroeder report. It is unclear how such a wealth fund would work and Trump offered little in the way of detail, the report notes. “We’re going to create a lot of wealth for the fund,” Trump told reporters. “And I think it’s about time that this country had a sovereign wealth fund.” President Donald Trump told reporters last week that Microsoft (MSFT) is in talks to buy TikTok and that he’d like to see a bidding war over the social media app, Reuters reported this week. Companies in the social media space that compete with TikTok include Meta (META), Alphabet’s (GOOG) YouTube (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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