Did President Donald Trump sign an executive order on February 3, 2025, announcing the purchase of 2 billion doses of COVID shots from Moderna and Pfizer? No, that's not true: The order established a sovereign wealth fund, a government-owned fund that directs funding from various resources. In a video of the signing, Secretary of Commerce Howard Lutnick recalled purchasing pandemic-era vaccines and implied these funds could instead be used to "create value for American citizens." Nowhere in the order were vaccines mentioned.
The claim appeared in a 35-second clip (archived here) shared to X on February 3, 2025, with a caption that read:
🚨BREAKING: Trump just signed an executive order creating something called the, 'American sovereign fund' whatever the hell that is
He's going to purchase 2 billion doses of Covid shots from both Moderna and Pfizer.
Who is this man?
What is this monster planning to do with these shots?
This is how the post appeared on X at the time of writing:
(Source: X screenshot taken Tue Feb 4 08:10:00 2025 UTC)
The clip showed Secretary of Commerce Howard Lutnick standing to the right of a seated Trump. Lutnick said the following:
The extraordinary size and scale of the U.S. government and the business it does with companies should create value for American citizens. If we are going to buy 2 billion COVID vaccines, maybe we should have some warrants and some equity in these companies and have that grow for the help of the American ...
C-SPAN posted (archived here) the entirety of the video and its transcript on February 3, 2025, when Trump signed new executive orders and took questions from reporters in the Oval Office. The quote in question appeared at the 5:52-minute mark.
The clip shared to X did not include the ending to Lutnick's statement, which was:
... people, right? Bring all of these things together, and Scott and I will create an amazing sovereign wealth fund for you, sir.
Lutnick's mention of "Scott" was an apparent reference to Treasury Secretary Scott Bessent. Below is the entire recording posted by C-SPAN:
Lutnick was not discussing buying $2 billion in vaccines as part of the executive order but was explaining how funding used to buy immunizations could instead be related to funding endeavors such as the sovereign wealth fund.
According to the International Forum of Sovereign Wealth Funds, a voluntary organization of global sovereign wealth funds, a sovereign wealth fund is:
A sovereign wealth fund is owned by the general government, which includes both central government and sub-national governments.
Includes investments in foreign financial assets.
They invest for financial objectives.
Key elements of a sovereign wealth fund include:
Public pension funds, which are ultimately owned by the underlying policy holders.
Central bank reserve assets, which are not invested.
On February 3, 2025, Trump signed an executive order titled "A Plan for Establishing a United States Sovereign Wealth Fund" (archived here). It read, in part:
Section 1. Policy and Purpose. It is the policy of the United States to maximize the stewardship of our national wealth for the sole benefit of American citizens. To this end, it is in the interest of the American people that the Federal Government establish a sovereign wealth fund to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.
Sec. 2. Sovereign Wealth Fund. The Secretary of the Treasury and the Secretary of Commerce, in close coordination with the Assistant to the President for Economic Policy, shall develop a plan for the establishment of a sovereign wealth fund consistent with section 1 of this order. The Secretary of the Treasury and the Secretary of Commerce shall jointly submit this plan to the President within 90 days of the date of this order. Such plan shall include recommendations for funding mechanisms, investment strategies, fund structure, and a governance model. The plan shall also include an evaluation of the legal considerations for establishing and managing such a fund, including any need for legislation.
Nowhere in the order was there a mention of COVID-19 vaccines or of buying $2 billion in immunizations.
According to a White House fact sheet (archived here) published the same day, the order "directs the Secretary of the Treasury and the Secretary of Commerce to deliver a plan within 90 days for the creation of a sovereign wealth fund."
This includes directing "the Secretary to include in the plan recommendations for funding mechanisms, investment strategies, fund structure, and a governance model."
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Other Lead Stories fact checks related to claims involving Donald Trump can be read here.
