President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding the company an American buyer.

The sovereign wealth fund — a government-owned and-administered investment fund — will be the first ever established in the US.

US President Donald Trump signed an executive order on Monday ordering the US Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok. "We're going to stand this thing up within the next 12 months.

Oracle would reportedly control TikTok's data collection, algorithm, and software updates, but Chinese owner ByteDance would maintain a minority stake.

Under the deal being negotiated by the White House, TikTok’s China-based owner, ByteDance, would retain a stake in the company, but data collection and software updates would be overseen by Oracle, which already provides the foundation of TikTok’s Web infrastructure, one of the sources told Reuters.

"GREAT INTEREST IN TIKTOK! Would be wonderful for China, and all concerned," Trump wrote in a post on Truth Social. The app's fate has been up in the air since a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan.

U.S President Donald Trump on Monday said there is a lot of interest in TikTok, as his administration seeks to broker a sale of the popular app.