In a surprising move, U.S. President Donald Trump has signed an executive order to create a sovereign wealth fund within the next 12 months, which could include the acquisition of the popular short-video app TikTok. The fund’s purpose would be to manage U.S. assets and generate wealth for the nation, with Trump promising it would benefit American citizens.

The sovereign wealth fund could be structured similarly to other such funds in countries across the globe, particularly in the Middle East and Asia, which use them to make direct investments. While the executive order provided little detail on the fund’s operations, it directed the U.S. Treasury and Commerce Departments to submit a comprehensive plan, including funding mechanisms and investment strategies, within 90 days.

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Trump has previously expressed support for creating a government-backed investment vehicle during his presidential campaign. He envisioned it as a tool to fund key national projects such as infrastructure, manufacturing, and medical research. The fund would likely be financed through innovative sources, including tariffs, though no clear explanation has been provided yet on its structure or funding.

In contrast to typical sovereign wealth funds, which rely on a country’s budget surplus, the U.S. operates at a deficit, which makes the funding approach more complex. Treasury Secretary Scott Bessent emphasized that the fund’s creation would focus on monetizing U.S. assets, particularly those on the country’s balance sheet. However, many experts believe that the creation of such a fund would require Congressional approval, as it may involve legislation to authorize new funding sources.

The possibility of the fund purchasing TikTok has drawn significant attention. Trump suggested that the fund might acquire the social media platform, which has around 170 million U.S. users, after its ownership by Chinese company ByteDance became a subject of national security concerns. A law mandating ByteDance to sell its U.S. assets or face a ban took effect in January, but Trump has delayed its enforcement by 75 days, citing ongoing negotiations. Trump stated that if a suitable deal could be reached, TikTok would potentially become part of the sovereign wealth fund. However, he also indicated that this was not a certainty, leaving the decision still to be made.

This announcement follows reports that the Biden administration had also explored the idea of establishing a similar fund. However, as Trump’s plan unfolds, it remains uncertain whether it will materialize within the expected timeframe. Sovereign wealth funds manage over $8 trillion globally, and with this new initiative, the U.S. could join the ranks of nations leveraging such funds for national investment purposes.

Brussels is pressing ahead with the enforcement of its landmark AI Act, which includes new guidance on prohibited AI practices, despite threats from former US President Donald Trump regarding the regulation of American tech companies.

The AI Act is seen as the world’s most comprehensive AI regulation. On Sunday, the European Union began enforcing provisions that ban certain practices, including the creation of facial recognition databases through internet scraping. New guidance on how these rules should be applied will be released by the European Commission on Tuesday, with further provisions targeting high-risk AI applications, such as those in healthcare, to be rolled out by 2027.

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The EU’s push for enforcement comes as US-based tech companies, supported by Trump’s administration, express concerns over the regulation. Trump has warned that the EU’s treatment of American firms could result in retaliation, particularly regarding fines imposed on companies like Meta and Google. Trump’s administration has also signaled a shift in the US stance on AI regulation, promoting a less restrictive approach, including the announcement of a $500 billion AI infrastructure project backed by SoftBank and OpenAI.

Despite this pushback, the European Commission is steadfast in its commitment to enforcing the AI Act. The law requires companies developing high-risk AI systems to be more transparent about their processes and undergo risk assessments. Non-compliance could lead to hefty fines or even a ban from the EU market.

Big Tech has raised concerns that the EU’s transparency requirements could stifle innovation, particularly rules allowing third-party inspections of AI models for risk assessments. Meta has been vocal about the “onerous” nature of these provisions. However, Brussels continues to assert its position as the global leader in trustworthy AI, even as it navigates increasing opposition from the tech sector.

Caterina Rodelli, an EU policy analyst at Access Now, suggests that the approach to implementing the AI Act could shift under the new US administration. “There’s a risk that regulators could relax the rules, potentially undermining their effectiveness,” she noted.

While the EU’s recent bans have been clear, much is still to be determined in negotiations over the Code of Practice for general-purpose AI, which will affect major AI models such as Google’s Gemini and OpenAI’s GPT-4. These discussions, which involve hundreds of stakeholders, are set to conclude in April.

Amazon has announced a major investment in three new renewable energy initiatives across Greece, boosting its commitment to sustainable energy sources. These projects bring the total number of power purchase agreements (PPAs) Amazon has signed in the country to eight, aligning with the company’s broader climate goals as part of its Climate Pledge initiative. The pledge includes achieving net-zero carbon emissions across all its operations by 2040.

The latest projects, with a combined capacity of 657 MW of carbon-free energy, are expected to power around 330,000 households in Greece. Thanasis Patsakas, Country Manager for Greece at Amazon Web Services (AWS), stated, “Amazon is dedicated to driving the transition to carbon-free energy not just for our operations, but for the communities where we serve our customers. We’re proud to have secured eight wind and solar energy deals in Greece, positioning Amazon as the top corporate buyer of renewable energy in both Greece and Europe by 2024.”

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Among the recent agreements are the Elzet solar farm and Menelou wind farm, both owned by Portugal’s Greenvolt. Located in Thessaly and Western Greece respectively, these projects are part of a broader strategy to bolster the region’s renewable energy capabilities. The Hellas Green solar farm, developed by Luxcara, adds to this momentum in Western Macedonia.

Minister of Environment and Energy, Theodoros Skylakakis, praised Amazon’s ongoing investments in Greece, highlighting the importance of renewable energy sources for the country’s energy transition. “Greece holds a natural advantage in renewable energy, and Amazon’s continued investment is a catalyst for achieving our national energy goals,” Skylakakis noted. “Such initiatives not only provide environmental benefits but also create new jobs and offer affordable electricity to local households.”

Looking ahead, Amazon has also committed to additional projects, including the Vermi wind farm in Macedonia and wind farms in Peloponnese’s Mesokorfi and Koukouras areas, which are expected to begin operations in 2026.