the Trump administration recently proposed to establish a U.S. sovereign wealth fund (SWF) by 2026, and hinted that TikTok could be a potential investment target for the fund. This proposal has attracted widespread attention against the backdrop of challenges facing the U.S. economy and persistent high fiscal deficits. Although this idea may seem attractive, analysts warn that without clear planning and governance mechanisms, this fund could do more harm than good to the market and economy.