Online reported that two people familiar with the matter said that Michael Grimes, a technology investment banker who left Morgan Stanley last month and held a senior position in the U.S. Department of Commerce, is expected to lead the U.S. sovereign wealth fund announced by Trump. The fund is supported by tariffs imposed on foreign countries, and discussions are at an early stage and plans may change. Trump has previously said the proposed new fund could be funded by "tariffs and other smart things." A source said tariff revenue could be provided by the so-called External Revenue Service, a agency Trump hopes to establish to handle revenue from the tax. Grimes led a number of high-profile technology IPOs at Morgan Stanley, including Meta, Uber and Airbnb. He advised Musk when it acquired Twitter. Morgan Stanley is also the main investment bank for Tesla's listing.