White House unveils plan to set up sovereign wealth fund

The White House said in a statement late Monday that US President Donald Trump signed an executive order to begin developing a US government-owned investment fund, per Reuters.

Additional takeaways

The fund could be used to profit from TikTok if an American buyer is found.

TikTok has until early April to secure an approved partner or buyer.

Trump wants the US to take a 50% stake in TikTok.

TikTok is cited as an example of a potential asset for the new sovereign wealth fund.

Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick will lead efforts to establish the fund, which may need congressional approval.