U.S. President Donald Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok.

If created, the sovereign wealth fund could place the U.S. alongside numerous other countries, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government dollars.

The text of the executive order was sparse on details, and simply directed the Treasury and Commerce Departments to submit a plan for such a fund within 90 days, including recommendations on “funding mechanisms, investment strategies, fund structure, and a governance model.”

Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.

“We’re going to create a lot of wealth for the fund,” Trump told reporters. “And I think it’s about time that this country had a sovereign wealth fund.”

Trump had previously floated such a government investment vehicle as a presidential candidate, saying it could fund “great national endeavors” like infrastructure projects such as highways and airports, manufacturing, and medical research.

Administration officials did not say how the fund would operate or be financed, but Trump has previously said it could be funded by “tariffs and other intelligent things.”

Treasury Secretary Scott Bessent told reporters the fund would be set up within the next 12 months.

“We’re going to monetize the asset side of the U.S. balance sheet for the American people,” Bessent said. “There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.”

One approach would be to convert the U.S. International Development Finance Corp (DFC) to function similar to a sovereign wealth fund, which the Trump administration reportedly considered in recent months, Bloomberg News reported. The DFC is a government agency that currently partners with private parties to finance projects in the developing world.

Trump announced Friday he was nominating Benjamin Black to head that development agency. Black, a managing partner at investment firm Fortinbras Enterprises, is the son of Leon Black, the co-founder of asset management firm Apollo Global Management.

The Biden administration also was considering establishing such a fund prior to Trump’s election in November, according to The New York Times and Financial Times.

But precisely how such a fund would be structured, and funded, remained unclear. Several experts said Congress would likely need to authorize new funding given the lack of an existing surplus to tap. The order directed officials to review any need for legislation.

Clemence Landers, a former Treasury official who is now with the Center for Global Development, said there has been talk of repurposing the DFC but setting up such a fund would require Congress.

“Obviously you can’t establish an institution by executive order and more to the point is you can’t fund an institution by executive order,” she said.

Investors said the news came as a surprise.
“Creating a sovereign wealth fund suggests that a country has savings that will go up and can be allocated to this,” said Colin Graham, head of multi-asset strategies at Robeco in London. “The economic rules of thumb don’t add up.”

There are over 90 such funds across the world managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds.

Numerous U.S. states, including Alaska, Texas and New Mexico also have their own wealth funds, which help fund various priorities, including education and tax relief. They frequently rely on revenue raised by natural resources, like oil or land.

In another surprise twist, Trump suggested the wealth fund could buy TikTok, whose fate has been up in the air since a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.

Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.

Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February. The popular app has about 170 million American users.

“We’re going to be doing something, perhaps with TikTok, and perhaps not,” Trump said. “If we make the right deal, we’ll do it. Otherwise, we won’t…we might put that in the sovereign wealth fund.”

Lagos-based hotelier and Managing Director and Chief Executive Officer of Leuven Empire Hotel and Suites, Ejigbo, Lagos, simply identified as Macdonald, has admitted sodomising a 16-year-old secondary school student.

The hotelier was arrested by the Nigeria Police Force for alleged sodomy with the two secondary school boys.

Speaking in a viral video, the suspect denied using the boy for rituals but admitted to having s3x with him twice.

However, the victim’s father, Edozie Christian maintained that the suspect lured his son and four other teenagers to his hotel, where he sodomised them and warned them that they would die if they revealed the incident to anyone.

The police arrested the suspect after a complaint was made by the father.

Speaking after being arrested in a video shared by TVC News on Thursday, the hotelier swore that he did not use the boy for rituals, but he had sex with him twice.

He said, “I swear with my life, that it is only sex that I had with him (Chiagoziem), that I never used him for any ritual. I swear in the name of my late parents that are in the grave, I swear with my children that I never did anything ritual it was just sex.”

He added: “I swear in the name of my late parents and children. I’m telling the truth. Between me and God, it was only sex. I didn’t take the boy to any shrine or to a ritualist. I didn’t do that; I swear to God.”

A man identified as Adedoye Emmanuel is currently in critical condition at the Igando General Hospital’s intensive care unit in Lagos State after attempting to take his own life by ingesting Sniper Insecticide.

This incident occurred at a hotel on Governor’s Road in the Ikotun area of Lagos, where Emmanuel had been staying.

According to reports, Emmanuel, a resident of the Agbado area in Lagos, was driven to this extreme measure by heartbreak from an undisclosed woman, as well as other life issues.

Unable to cope, he checked into the hotel armed with Sniper insecticide, Coca-Cola, and Action Bitters. He then mixed these substances together and consumed the dangerous cocktail.

As the concoction began to take effect, Emmanuel raised the alarm and fled his room.

Man Hospitalized After Ingesting Sniper Following Heartbreak

The hotel owner swiftly intervened and rushed him to a private hospital, where he revealed his motives before losing consciousness.

He was subsequently transferred to the Igando General Hospital’s intensive care unit, where medical staff are fighting to stabilize his condition.

Emmanuel’s full identity remains unknown, as he was not carrying any form of identification at the time of the incident. Additionally, the two phone numbers he provided before losing consciousness have either been unreachable or turned off.

The matter has been reported to the Ikotun Division Police, who investigated Emmanuel’s hotel room and discovered the empty can of Sniper insecticide.

A concerned individual, who wishes to remain anonymous, has generously offered to cover Emmanuel’s medical expenses at both the private and General hospitals. Efforts to contact his family members have so far proven unsuccessful.