Trump thanks ‘legendary’ friend Elon Musk for promising SpaceX stock to every American child via Trump Accounts | Today’s news
US President Donald Trump thanked billionaire Elon Musk on Monday (local time) after Musk announced plans to donate shares of his SpaceX company to millions of American children through the Trump administration’s flagship “Trump Accounts” initiative.
In a post on social media, Trump wrote: “A HUGE THANK YOU to our legendary friend ElonMusk for his incredible generosity in giving SpaceX Stock to millions of America’s children through TRUMP ACCOUNTS! This is exactly what we envisioned when we created TRUMP ACCOUNTS – bringing together the GREAT PRIVATE SECTOR, Elon and many others who each give as the biggest and most important of America’s children to invest in our children. The American Dream.”
Musk Gives Stock to America’s Kids: What We Know
His remarks came after SpaceX founder Musk wrote in a post on X: “Next year I will give one of my SpaceX shares to every child in America. This will be the first of many.”
According to Bloomberg, Musk agreed to distribute the stock through the Trump Accounts initiative, although he did not disclose how the donation would be structured. Citing a source, the report said he decided to proceed after the White House announced the creation of tens of millions of accounts through automatic registration. Earlier this month, the White House said that every American child under the age of 18 with a valid Social Security number now has a Trump account.
U.S. Census Bureau estimates show the U.S. has around 72 million children, which would make Musk’s donation about $10.7 billion at the current stock price.
Musk joins the list of prominent supporters of Trump Accounts
The SpaceX founder’s planned donation adds another notable name to the list of Trump Accounts supporters. Billionaires including Michael and Susan Dell and Bridgewater Associates founder Ray Dalio have previously pledged funds.
The announcement comes nearly three months after the US president said in July that he expected Musk to contribute to the Trump Accounts program. Around the same time, SpaceX President Gwynne Shotwell announced that she and her husband had donated SpaceX stock to Trump Accounts for more than 2 million children in the US.
What are Trump accounts?
According to the official website, Trump Accounts are tax-advantaged investment accounts for American children under the age of 18.
The program was established under the Tax and Spending Act signed by Trump last year and provides $1,000 to each eligible American child born between 2025 and 2028. It allows families, government programs and private sector donors to contribute funds and equity directly to eligible children’s accounts. The aim is to provide children under the age of 18 with an early financial foundation and a stake in the country’s business.
Under the program, money in eligible accounts remains invested until beneficiaries reach adulthood, giving them the potential to grow over time. Since opening on July 4, the accounts have received more than $4.5 billion, including $2.6 billion in philanthropic contributions, $1.3 billion in initial $1,000s and more than $600 million from relatives and friends. According to reports, the accounts are expected to receive more contributions soon.
Family and friends can contribute up to $5,000 per year to each child’s account. Employers can contribute up to $2,500 per year, which counts toward this limit. Eligible children can also receive philanthropic contributions, while more than 70 companies have committed to creating workplace contribution programs.
