President Donald Trump said he is creating a new 'sovereign wealth fund' that could be used to buy TikTok and save it from a total ban in the U.S.

Trump signed a new executive order to establish the fund and noted that other countries have them – specifically pointing to oil-rich Saudi Arabia.

'I have the right to do that', Trump said, after mentioning using the new fund to purchase TikTok.

Trump made clear that a purpose was to have the U.S. government become a part owner of TikTok, the hugely popular app used by 170 million Americans that he credits with helping his reelection campaign.

Trump said: 'It's a very exciting event. We're going to have a sovereign wealth fund, which we've never had. We have a lot of things that create wealth.'