Washington | Donald Trump signed an executive order to create a new US sovereign wealth fund and suggested the fund could be used to keep Chinese-owned TikTok operating in the United States.

The president was joined in the Oval Office by “the legendary Rupert Murdoch and [tech billionaire] Larry Ellison”. Mr Trump told reporters that the fund, in partnership with wealthy investors, might be used to buy half of the social media platform, although the media mogul’s involvement was not specified.