Michael Grimes, head of global technology investment banking at Morgan Stanley, was associated with freshmen during the UC Berkeley during the UC Berkeley’s welcome to the University of California-Berkeley, and during the UC Berkeley’s welcome to the University of California-Berkeley.
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Star tech investment banker Michael Grimes leaves Morgan Stanley Last month, he held a senior position in the U.S. Department of Commerce and is expected to lead New US sovereign wealth fund The President’s Unveiling Donald Trumptwo people familiar with the matter told Reuters.
The discussion about Grimes could lead to efforts to create and lead the sovereign wealth fund and no decision has been established because the discussion is confidential and requested anonymity, the sources said.
Sources said the fund’s revenue source has not been disclosed before and is intended to be supported by revenue from tariffs imposed abroad.
Trump has previously said the proposed new fund could be funded by “tariffs and other wise things.” The income from tariffs can be made from the so-called External tax servicesA Trump agency wants to create to handle the income generated by taxes, a source said.
The Commerce Department, Grimes and the White House did not immediately respond to requests for comment.
Grimes named itself at Morgan Stanley after leading the initial public offering of several high-profile technologies Yuan,,,,, Uberand Airbnb. He famously landed on the driver who courted the company before the 2019 IPO and suggested Elon Musk take over Twitter for his $44 billion takeover of Twitter, which was renamed X.
Grimes worked as a senior consultant in the Department of Commerce last month, but his responsibilities are still unclear. He spent more than three decades at Morgan Stanley, and before leaving the bank, he was one of the leaders of global technology investment banking.
He works closely with Musk and involves deals with other companies, such as Tesla. Morgan Stanley is the major investment bank launched by electric vehicle manufacturers’ stock market.
Source of funds
Previously unreported details highlight that plans for sovereign wealth funds are beginning to form, and that is a question about the feasibility of creating such investment tools.
In February, Trump signed an executive order to establish a sovereign wealth fund next year, saying it could buy short video app Tiktok.
If created, a sovereign wealth fund could bring the United States together with many other countries, especially in the Middle East and Asia, which have launched similar funds to direct investments with government dollars.
Usually, such funds rely on a country’s budget surplus to invest, but the U.S. operates in a deficit. Its creation may also require Congress’ approval.
U.S. Customs and Border Protection collects import duties, taxes and fees, and the cash balance flowing into the U.S. finance every day. The agency received $88.07 billion in revenue for the fiscal year ended September 30, up from $92.3 billion in the same period last year and $111.8 billion in 2022, a sign of the year that is imported goods in the era of high prices.
