It's not necessarily a bad thing (although under Trump you can be sure it would be bad, and designed to make money only for certain people and corporations). The world's largest sovereign wealth fund is held by Norway, and its purpose is to invest the proceeds from its North Sea oil production and provide benefits for its citizens.
The Government Pension Fund Global (Statens pensjonsfond utland), also known as the Oil Fund (Oljefondet), was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. As of November 2024, it had over US$1.74 trillion in assets, and held on average 1.5% of all of the world's listed companies, making it the world's largest single sovereign wealth fund in terms of total assets under management.[This translates to over US$325,000 per Norwegian citizen. It also holds portfolios of real estate and fixed-income investments. Many companies are excluded by the fund on ethical grounds. The Government Pension Fund Norway is smaller and was established in 1967 as a type of national insurance fund. It is managed separately from the Oil Fund and is limited to domestic and Nordic investments and is therefore a key stock holder in many large Norwegian companies, predominantly via the Oslo Stock Exchange.
https://en.wikipedia.org/wiki/Government_Pension_Fund_of_Norway
My guess is that Trump wants such a fund as a substitute for the current Social Security/Medicare funding, but I have no doubt that it would be invested to reap profits for the corporations whose stock is under management and not for the benefit of SS/Medicare beneficiaries.
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