Reuters

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

If created, it would place the United States alongside numerous other nations, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government cash.

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."