President Donald Trump on Monday signed an executive order which creates the first-ever United States sovereign wealth fund.
Trump has said the fund, which would receive capital through tariffs and other revenue streams, could be used to purchase TikTok.
ByteDance, the China-based owner of TikTok, has until April 5 to find a buyer or face a ban in the U.S. Trump on Jan. 20 signed an executive order extending the deadline by 75 days.
"As an example, TikTok, we're going to be doing something perhaps ... and we might put that in the sovereign wealth fund, whatever we make, or if we do a partnership with very wealthy people -- a lot of options, but we could put that as an example in the fund. We have a lot of other things that we can put in the fund," Trump said as he signed the order on Monday.
TikTok has about 170 million U.S. users.
Trump predicted that "in a short period of time, we'll have one of the biggest funds ... The Saudi Arabia fund is on the large side, but eventually we'll catch it. But we're going to create a lot of wealth for the fund."
"We're going to stand this thing up within the next 12 months. We're going to monetize the asset side of the U.S. balance sheet for the American people," Secretary of the Treasury Scott Bessent said. "There'll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people."
The world's largest sovereign wealth fund is Norway's $1.7 trillion Government Pension Global Fund, which reported a $222.4 billion profit last year off funds reinvested from North Sea petroleum proceeds.
Also topping $1 trillion in assets are wealth funds owned by the governments of China, Hong Kong, Abu Dhabi, and Kuwait.