Trump Orders Creation of US Sovereign Wealth Fund, Says It Could Own Part of TikTok 

US President Donald Trump looks on as he signs an executive order in the Oval Office at the White House in Washington, US, January 31, 2025.  (Reuters)
US President Donald Trump looks on as he signs an executive order in the Oval Office at the White House in Washington, US, January 31, 2025. (Reuters)
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Trump Orders Creation of US Sovereign Wealth Fund, Says It Could Own Part of TikTok 

US President Donald Trump looks on as he signs an executive order in the Oval Office at the White House in Washington, US, January 31, 2025.  (Reuters)
US President Donald Trump looks on as he signs an executive order in the Oval Office at the White House in Washington, US, January 31, 2025. (Reuters)

President Donald Trump on Monday signed an executive order directing the US to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he's successful at finding it an American buyer.

Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he's said he's looking for the US to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new US sovereign wealth fund.

“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”

Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the US currently does not have.

There are over 90 sovereign wealth funds around the world that manage over $8 trillion in assets, according to The International Forum of Sovereign Wealth Funds, a London-based organization made up of roughly 50 of these entities.

In the US, more than 20 sovereign wealth funds exist at the state level, according to analysis from the Center for Global Development, a Washington-based nonpartisan think-tank.

The largest ones — based in Alaska, New Mexico and Texas — are financed through revenue that comes from oil, gas and mineral proceeds and used to fund in-state programs, such as education. Though these funds are owned by governments, they tend to operate as standalone institutions with their own investment strategies and staff, the center said.

The president put Treasury Secretary Scott Bessent and Howard Lutnick, Trump's pick for commerce secretary, in charge of laying the groundwork for creating the fund, which would likely require congressional approval. The executive order says a plan for the fund — including recommendations for investment strategies and a governance model — has to be submitted to Trump within 90 days.

Former President Joe Biden's administration had studied the possibility of creating a sovereign wealth fund for national security investments, but the idea did not yield any concrete action before he left office last month.

Bessent said the administration's goal was to have the fund open within the next 12 months, and Lutnick said another use of the fund could have been for the government to take a profit-earning stake in vaccine manufacturers.

“The extraordinary size and scale of the USgovernment and the business it does with companies should create value for American citizens,” Lutnick told reporters.

TikTok was supposed to be banned in the US last month under a federal law that forces ByteDance to divest its stakes or face a ban. The law was passed in April with bipartisan support in Congress and signed by Biden. The two companies and some users quickly took legal action against the statute, which was ultimately upheld by the Supreme Court last month.

After taking office, Trump, who had attempted to ban the popular app during his first term, directed the Justice Department to pause enforcement of the law for 75 days. The reprieve has given the company more time to work out a deal with the administration.

Several investors — including billionaire Frank McCourt and Trump’s former Treasury Secretary Steven Mnuchin — have spoken publicly about their desire to purchase TikTok’s US platform. Trump has said “many people” had also reached out to him privately about it. Last week, he said Microsoft was one of the US companies eyeing the social media platform.

A San Francisco-based artificial intelligence startup called Perplexity AI presented a proposal to ByteDance last month that would allow the US government to own up to 50% of an entity that combines TikTok's US platform with Perplexity's business, a person familiar with the matter previously told the Associated Press. If successful, the proposal would allow the US government to have a sizable stake in that entity once it makes an initial public offering of at least $300 billion.



Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Royal Commission for Riyadh City Announces 'Riyadh Creative District'

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

The Board of Directors of the Royal Commission for Riyadh City (RCRC) announced the launch of the “Riyadh Creative District,” a transformative initiative that aims to position the Saudi capital as a global creative and media hub while reinforcing the Kingdom’s leadership in the creative economy.

The new project is set to become a cornerstone in Riyadh’s evolution into a world-class metropolis, integrating seamlessly with the capital’s major development initiatives, reported the Saudi Press Agency on Thursday.

The project aims to foster a thriving ecosystem where creative minds, industry leaders, and emerging talent can collaborate to develop content and new ideas, drive cultural and technological advancements, and contribute to the Gross Domestic Product (GDP).

The Creative District aligns with Saudi Arabia’s long-term strategic vision by emphasizing the role of media, technology, culture and innovation in economic diversification and sustainable growth.

Minister of State, Member of the Council of Ministers, and CEO of RCRC Eng. Ibrahim bin Muhammad Al-Sultan expressed profound appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City, for their continued support of the commission’s projects, which are pivotal in shaping the future of Riyadh and enhancing its global competitiveness.

“The Riyadh Creative District is designed to be a vital extension of the capital’s creative, cultural, and economic landscape, reinforcing the city’s status as a dynamic hub for content creation and innovation. Through this initiative, we are not only establishing an inspiring space for creative industries to thrive, but also providing a gateway for global talent to engage with the Kingdom’s creative economy,” he said.

“This initiative embodies Saudi Arabia’s forward-looking vision to cultivate a knowledge-based society, and develop a globally integrated creative sector that generates sustainable economic and social impact,” he added.

A key milestone in the project’s launch is the signing of a strategic partnership agreement between RCRC and the King Abdullah Financial District (KAFD), ensuring a structured and integrated approach to its implementation. This collaboration is expected to catalyze the expansion of the creative industries in Saudi Arabia, bridging the gap between local and international expertise and fostering cross-sector innovation.

The Creative District is set to redefine the role of creativity in economic development, by offering a dynamic platform that connects designers, artists, entrepreneurs, and technology pioneers. It will serve as an incubator for new business models, cultural enterprises, and digital transformation projects, ultimately reinforcing Riyadh’s position as the regional epicenter for creative excellence.

Beyond GDP contributions, the district will play a crucial role in cultural exchange and community engagement by hosting interactive programs, industry events, and knowledge-sharing initiatives that empower emerging talent and facilitate the exchange of ideas. Its impact is expected to extend beyond Riyadh, influencing the broader Middle East creative ecosystem and elevating the Kingdom’s standing as a destination for investment in the creative economy.

Aligned with the goals of Saudi Vision 2030, the Creative District underscores the Kingdom’s commitment to fostering a globally competitive creative sector, that not only boosts the quality of life but also drives innovation-led economic transformation. By offering a supportive environment for creatives, startups, and established enterprises, the district is poised to shape the future of creative industries in Saudi Arabia, offering new employment opportunities, accelerating digital adoption, and laying the groundwork for a knowledge-driven economy.

With a focus on sustainability and long-term impact, the Creative District will also contribute to Riyadh’s broader urban transformation, integrating smart infrastructure, cutting-edge technology, and sustainable design principles to create an environment where creativity and innovation can flourish. The Creative District will be instrumental in attracting both regional and international investment in the creative industries, ensuring that Saudi Arabia remains at the forefront of global creative and cultural advancements.

As Riyadh continues its journey toward becoming a premier global destination for business, culture, and innovation, the Creative District will serve as a testament to the Kingdom’s unwavering commitment to fostering talent, advancing creative industries, and building a prosperous future driven by ingenuity, collaboration, and forward-thinking policies.