President Donald Trump has announced that he is looking into a workable solution for TikTok's ban in the US after granting the application a temporary reprieve last month. Trump signed an executive order on the first day he took power that allowed TikTok to operate for 75 days, and the President's latest remarks came as he announced a US sovereign wealth fund.
Trump Signs Executive Order For US Sovereign Wealth Fund & Promises Resolution Of TikTok's Fate In February
The President's latest actions for TikTok came as part of an executive order he signed at the White House earlier today. While the order is yet to be uploaded on the White House's website, press secretary Karoline Leavitt confirmed on X that the President had signed one that called "for the creation of a Sovereign Wealth Fund." Such a wealth fund is an investment vehicle of a government, and the funds are common in the financial world, with countries such as the UAE and Norway investing through them.
Trump also shared his thoughts about TikTok's fate during his executive order signing ceremony. At the event, the President outlined that his new fund could end up buying TikTok. The popular social media application has been banned in the US through the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA) which lists its ownership as a key impediment to operating in the US.
TikTok is currently owned by the Chinese firm ByteDance, and China's laws that require companies to turn any and all data over to the government for intelligence gathering and other activities have raised concerns about its ownership being a threat to US national security interests. Ever since its ban, multiple reports of a new owner buying TikTok have emerged but none of these have borne fruit.
Trump's 75 day reprieve means that TikTok could stop operating in the US in early April. Earlier today, the President also shared that he was holding discussions with multiple parties for a TikTok purchase. Trump believes that he could reach a decision about the application's future by the end of this month, implying that the TikTok conflict could be resolved well ahead of the app's permanent ban in the US.
Tech giants Microsoft and Oracle are among the names that have popped up in the rumor mill regarding potential TikTok buyers. Reports also suggest that Apple's iPhones that have the application installed are being sold for high prices online. While Trump's 75-day reprieve does allow TikTok to continue US operations, Apple has removed the application from its App Store in compliance with US law.
About the author: Ramish is a seasoned technology writer and editor with more than a decade of experience. He specializes in semiconductor fabrication and market analysis. With a background in finance and supply chain management - via his bachelors in Finance and a micromasters in supply chain management from MIT - Ramish combines financial rigor with deep industry insight to deliver accurate and authoritative coverage.
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