Chinese-owned social media app, TikTok has been listed as part of assets expected to be placed in the newly created American Sovereign Wealth Fund.
President Trump announced his plans for the social media app which was recently unbanned by the United States government for deliberations on purchasing deals, shortly after signing the executive order to establish the Wealth Fund on Tuesday.
President Donald Trump speaking with the press at the Oval Office emphasized the importance of the American Sovereign Wealth Fund, noting as the first of its kind expected to benefit American people. “Other countries have a Sovereign Wealth Fund and they are much smaller countries than the United States; we have tremendous potential in this country; we are seeing what is happening in this country in just a short period of time,”
The American president noted that TikTok, should it be purchased, will be featured as an asset in the American Sovereign Wealth Fund together with other assets that will be held under the collaborative efforts of the United States and ‘very wealthy’ people . “As an example, TikTok we are going to be doing something perhaps with TikTok or perhaps not if we make the right deal we will do it other ways we want. But I have the right to do that and we might put that in the Sovereign wealth fund,” Trump said.
Meanwhile, ByteDance (Owners of TikTok) are under a three-month regulation period as permitted by President Donald Trump to find a buyer from the United States of America.
By: Kobina Baidoo