Exclusive: Dealmaker Michael Grimes Expected to Lead New US Sovereign Wealth Fund, Sources Say
Michael Grimes is poised to helm a new U.S. sovereign wealth fund, with plans to be financed through tariffs imposed on foreign countries, which could potentially create a precedent for similar investment vehicles in other countries. The fund's creation and operation will require congressional approval and careful navigation of competing priorities and big personalities within the Trump administration. Grimes' experience leading high-profile tech IPOs at Morgan Stanley and advising Elon Musk on deals involving Tesla and Twitter positions him well to spearhead the effort.
- This appointment highlights the increasing importance of private sector expertise in shaping U.S. foreign policy and investment strategies, particularly under a Republican administration that has emphasized deregulation and tax cuts.
- How will Grimes' background as a Wall Street executive influence his approach to investing government funds, potentially blurring the lines between public and private interests?