Trump to establish sovereign wealth fund, could be used to acquire TikTok

Trump signed an executive order that put plans in motion to create a government-run sovereign wealth fund.

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The economy has been a focal point since Donald Trump was sworn in as President last month, with decisions that could have massive ramifications for the tech and gaming industries. For his latest move, Trump has signed an executive order to form a sovereign wealth fund, which will be run by the U.S. government. He believes this fund could be used to acquire TikTok.

News of Trump’s latest executive order got out this afternoon as it was reported by outlets like CNBC. It’ll lead to the formation of a sovereign wealth fund that the government will operate. It’s similar to Saudi Arabia’s Public Investment Fund, which owns stakes in gaming companies like Capcom and Nintendo.

Leon Kennedy holding a pistol.

Source: Capcom

In a statement, Trump said he believes that the wealth fund could be used to acquire TikTok. The video-sharing platform had its service restored in the U.S. after a brief ban last month, but remains unavailable on mobile app stores.

It’s yet to be seen if America’s sovereign wealth fund will also seek to invest in the gaming and entertainment industries, but you can expect to read updates here on Shacknews.

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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