On Monday, President Donald Trump signed an executive order instructing the U.S. Treasury and Commerce Departments to create a sovereign wealth fund, potentially for acquiring the social media platform TikTok.
Trump’s announcement amid heightened tensions regarding the app’s ownership and security implications.
TikTok, owned by the Chinese company ByteDance, boasts approximately 170 million American users. The platform faced a temporary shutdown just before the enforcement of a new law, effective January 19, mandating ByteDance to sell the app due to national security concerns or face a potential ban in the U.S.
In a strategic delay, President Trump, who assumed office on January 20, extended this law’s enforcement deadline by 75 days through another executive order. He has openly discussed the ongoing negotiations concerning TikTok’s sale and anticipates deciding on the app’s future by February.
Read: President Trump Delays TikTok Ban with 75-Day Grace Period
President Trump’s decision could significantly impact TikTok’s operations and vast American user base.
