RIYADH: US President Donald Trump said the nation may surpass Saudi Arabia in wealth fund size in the future and signed an executive order on Monday instructing the appropriate authorities to begin creating a government-owned investment fund. In reference to the Public Investment Fund, which currently oversees $925 billion in assets and plans to grow that to $2 trillion by 2030, he pledged, “Eventually we’ll catch it.”
The president of the US pointed out that many other countries have similar funds. Real estate, stocks, and bonds are among the assets that sovereign wealth funds invest in. Usually, they are financed by a nation’s budget surpluses, which the US does not currently have. Trump ordered the creation of an investment fund, stating that if he is successful in finding an American buyer for TikTok, the fund may be utilised to make money off of the app.
Trump stated that he wants the US to acquire a 50% share in the huge social media network, but he also issued an order on his first day in office giving TikTok until early April to find an authorised partner or buyer. TikTok, owned by China-based ByteDance, is an example of what he could include in a new US sovereign wealth fund, he said Monday in the Oval Office.
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