Ex-Morgan Stanley, Musk banker in talks to lead Trump’s US wealth fund, says Reuters
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The news: Michael Grimes, a former Morgan Stanley banker who left the US investment bank to join the US Commerce Department last month, is expected to lead the new US sovereign wealth fund unveiled by President Donald Trump, Reuters reported citing unnamed sources.
Two people familiar with the matter told Reuters the discussions with Grimes, who is known for advising Elon Musk and high-profile IPOs, are ongoing and plans could change.
The context: The fund is expected to be backed by revenue from the so-called External Revenue Service, an agency Trump wants to create to handle income generated from tariffs on foreign imports, one of the sources said.
The fund’s creation would likely require congressional approval.
Grimes, who led major technology IPOs at Morgan Stanley, including Meta, Uber and Airbnb, also advised Elon Musk on his USD44 billion ($69.39 billion) takeover of Twitter, now renamed X.
Trump signed an executive order in February directing the Commerce and Treasury Departments to draw up a plan for the fund within 90 days.
The White House, Commerce Department and Grimes did not respond to requests for comment from Reuters.
The source: Reuters
