Trump wants to buy TikTok. On Monday, he signed an executive order to create a fund to buy the company. The fund would be set up within 12 months, according to Treasury Secretary Scott Bessent. The goal is to use the money listed on the US balance sheet to make money for American people. Bessent also said that a combination of assets that can easily be turned into cash and those that are already in the country would be used.
Trump suggested creating this fund during his presidential campaign. He said it would help pay for important government programs like medical research, manufacturing, and infrastructure.However, it’s not clear how the fund would work or how it would be paid for. Trump had said before that the project could be paid for by imposing tariffs and other means.The United States would have problems in this area because it is operating at a loss.
The International Forum of Sovereign Wealth Funds estimates there are over 90 such funds around the world administering assets of more than 8 trillion dollars.
Nearly closed down, TikTok counts 170 million American users.
This followed a law compelling the Chinese parent of TikTok, ByteDance, to either sell the app or face a ban.
Trump postponed the law’s implementation for 75 days on January 20 via an executive order.
Trump has said that he has been talking to different companies about buying TikTok.We should hear more about what will happen to the app in February.
