Trump took a step towards acquiring TikTok through a new fund.

U.S. President Donald Trump signed an order to create a state welfare fund over the next year and noted that this fund might acquire the TikTok app.

According to Reuters, the U.S. may join countries like those in the Middle East and Asia, which already have their sovereign funds for direct state investments.

The order provided few details; it merely asked the Treasury and Commerce Departments to submit a plan for creating the fund within 90 days.

Typically, such funds are financed by the country's budget surplus, but the U.S. has a deficit. Therefore, approval from Congress may be needed to establish such a fund.

Trump had previously stated that this fund could be used to finance national projects, such as highways, airports, manufacturing, and medical research.

Details about how the fund will operate and where its funding will come from are still unknown. U.S. Treasury Secretary Scott Bevan stated that the fund will be established within the next 12 months.