Another big decision of Trump regarding TikTok; Issued an executive order and announced the plan to create a sovereign wealth fund
New Delhi| President Donald Trump signed a new executive order. In this order, President Trump has given instructions to create a sovereign wealth fund. Trump says that if an American buyer buys TikTok, the profits from it can be kept in this fund.
During the signing of the order, Trump said in the Oval Office that we can put the money received from TikTok into the Sovereign Wealth Fund. Whether he meets rich people after partnering with them or we have to do something. We can put TikTok as an example in a wealth fund. Apart from this, there are many other things which we can put in the fund.
Trump said that many countries have such funds. If America creates such a fund, it can exceed the size of Saudi Arabia’s fund. We will keep making it. The president has tasked Treasury Secretary Scott Besant and Commerce Secretary Howard Lutnick with laying the groundwork for creating the fund. This will require the approval of Congress. The order states that recommendations for investment strategies and governance models be included in the Fund’s plan and that reports be submitted within 90 days.
Treasury Secretary Besant said the administration aimed to open the fund within the next 12 months. Lutnick said another use of the fund could be used by the government to take profit-making stakes in vaccine manufacturers. The extraordinary size and scale of the US government and its trade with companies will create value for American citizens.
Trump has given TikTok a 75-day extension
TikTok has more than 170 million users in the US. Earlier America had decided to ban TikTok due to security concerns. The American government also brought a law regarding this. TikTok was shut down in the U.S. on Jan. 19 under the law. However, after the victory in the presidential election, Trump had indicated that he was in favor of continuing TikTok. After becoming president, Trump has given TikTok a 75-day moratorium with an executive order that would require TikTok to sell its business in the U.S. to an American company.
Trump said, ‘There are many other companies who want to buy TikTok. They want the US to own 50 per cent of TikTok Earlier, Trump had expressed hope that Tesla CEO and Trump close aide Elon Musk and Oracle Corp Chairman Larry Ellison would acquire TikTok because they do not want China to have full ownership of TikTok.
