Trump signs executive order to create US sovereign wealth fund, says it may 'buy' TikTok
World: US President Donald Trump on Monday (Feb 3) signed an executive order directing the Treasury and Commerce Departments to establish a sovereign wealth fund. After assuming office, Trump signed an order delaying the TikTok ban by 75 days.
US President Donald Trump on Monday (Feb 3) signed an executive order directing the Treasury and Commerce Departments to establish a sovereign wealth fund. He said that it may purchase TikTok.
The popular short-video platform, which has approximately 170 million users in the US, briefly went offline ahead of a law requiring its Chinese parent company, ByteDance, to either sell the app or face a nationwide ban. The law was set to take effect on 19 January.
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After assuming office on 20 January, Trump signed an order delaying the enforcement of the ban on TikTok by 75 days. He has since confirmed discussions with various parties about acquiring TikTok and indicated that a decision regarding its future is likely in February.
Speaking to reporters about TikTok, Trump mentioned that Microsoft was among the companies interested in acquiring the platform. “I would say yes… A lot of interest in TikTok. There’s great interest in TikTok," he said.
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In his first interview as the 47th US President, Trump dismissed concerns that China could be using TikTok to spy on American teenagers. “Is it that important for China to be spying on young people? On young kids watching crazy videos?” he asked.
He also questioned why there was little scrutiny over other products manufactured in China, including telephones and other devices.
Earlier this month, the US Supreme Court upheld a law banning TikTok due to national security concerns related to the app’s data privacy policies. However, Trump, who has acknowledged TikTok's role in helping him connect with younger voters during his campaign, has temporarily paused the ban. His executive order grants ByteDance 75 days to arrange a sale so that the app is no longer under Chinese ownership.
(With inputs from agencies)
