WASHINGTON (Reuters) - U.S. President Donald Trump signed an executive order on Monday ordering the U.S. Treasury and Commerce Departments to create a sovereign wealth fund and said it may purchase TikTok.

TikTok, which has about 170 million American users, was briefly taken offline just before a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.

Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.

Trump has said that he was in talks with multiple people over TikTok's purchase and would likely have a decision on the popular app's future in February.