Pulse News

**Michael Grimes Expected to Lead Trump's Sovereign Wealth Fund**

By Sylvia Varnham O'Regan

8 hours ago

Source: Reuters

The Commerce Department plans to tap former Morgan Stanley banker Michael Grimes to lead President Donald Trump's U.S. sovereign wealth fund, according to Reuters. Trump signed an executive order in February to establish the fund—a vehicle for investment—and gave the secretary of the Treasury, Scott Bessent, and the secretary of commerce, Howard Lutnick, 90 days to come up with a plan for how it would operate. Funding sources for the fund remain unclear, and plans to appoint Grimes could change, Reuters reported.

In his time at Morgan Stanley, Grimes worked on Elon Musk's takeover of Twitter, now X. He also worked on initial public offerings for major tech companies including Meta Platforms, Uber, and Airbnb.