TechFlow news, March 6 — Reuters reported that Michael Grimes, a former Morgan Stanley technology investment banker, is expected to lead the newly established U.S. sovereign wealth fund. According to sources, the fund will be financed by tariff revenues managed by the "Foreign Revenue Service," an agency planned under the Trump administration.
Grimes previously led initial public offerings (IPOs) for major tech companies such as Meta, Uber, and Airbnb, and advised Elon Musk on his acquisition of Twitter (now X). He left Morgan Stanley last month and joined the U.S. Department of Commerce as a senior advisor.
It was reported that Trump signed an executive order in February mandating the creation of a sovereign wealth fund within one year, indicating that the fund might acquire the short-video app TikTok. Unlike most countries whose sovereign wealth funds rely on budget surpluses, the establishment of a U.S. sovereign wealth fund would require congressional approval and would operate amid fiscal deficits.
