President Trump just signed an executive order to create a federal sovereign wealth fund.
Trump is ordering the U.S. Treasury and Commerce Departments to create the fund, stating it could be used to purchase the popular social media platform TikTok.
Treasury Secretary Scott Bessent says the fund will be created in the next 12 months, reports Bloomberg.
Sovereign wealth funds are government-owned investment funds.
They typically invest surplus revenues, often from natural resources like oil, to grow wealth for the future.
These funds diversify investments globally across stocks, bonds, real estate, and other assets.
Their goal is to provide long-term financial stability, economic growth, and protection against economic shocks.
Although states like Alaska have had their own sovereign wealth funds for years, the federal government itself has never utilized one.
A number of nations already have sovereign wealth funds, including Norway, China, United Arab Emirates, Saudi Arabia, Singapore, Kuwait, Qatar, Australia, Russia, South Korea and Chile.
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