WASHINGTON, October 20 (ANI) — U.S. President Donald Trump on Monday thanked billionaire Elon Musk for his plan to donate SpaceX shares to millions of American children through the administration’s flagship “Trump Accounts” initiative.
In a post on Truth Social, Trump praised the SpaceX founder’s proposed contribution, highlighting the initiative’s goal of combining private-sector investment with long-term financial support for young Americans.
Describing the initiative as consistent with the program’s original vision, Trump said it would help give every American child “a piece of the American Dream.”
“A BIG THANK YOU to our legendary friend, Elon Musk, for his incredible generosity in giving SpaceX Stock to millions of American children through TRUMP ACCOUNTS!” Trump wrote. “This is exactly what was envisioned when we created TRUMP ACCOUNTS — Bringing together the GREAT PRIVATE SECTOR, Elon and so many more, to invest in our children, by far our greatest and most important asset, and give every American Child a piece of the American Dream. Thank you Elon!” the post read.
The statement followed Musk’s announcement on X that he planned to give one share of SpaceX stock to every child in the United States next year, describing it as “the first of many” such gifts.
“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” he wrote.
The Trump Accounts program allows families, government programs and private-sector donors to contribute funds and equities directly to eligible children’s accounts, with the aim of providing them with an early financial foundation and a stake in American enterprise.
Under the program’s framework, assets deposited into eligible accounts remain invested until beneficiaries reach adulthood, allowing the funds to potentially grow over time.
Earlier this month, the White House said the Trump administration’s automatic enrollment initiative had created millions of Trump Accounts, adding that every American child under 18 with a valid Social Security number now had an account in their name.
Since the program opened on July 4, Trump Accounts have attracted more than $4.5 billion. The total includes $2.6 billion in philanthropic gifts, $1.3 billion from initial $1,000 seed contributions and more than $600 million contributed directly by relatives and friends, with additional funds expected.
The White House also said the initiative primarily targets middle-class households, with roughly 80% of accounts belonging to families earning less than $200,000 annually.
Under the program’s structure, family members and friends can deposit up to $5,000 per year per child, while employers can contribute up to $2,500 annually within that same overall limit. Eligible children also qualify for direct philanthropic deposits, with more than 70 companies already pledging workplace contribution programs.
Designed to build long-term wealth and teach key concepts such as compound interest, diversification and investing, the accounts could grow from a few thousand dollars in early childhood to an estimated $500,000 by retirement.
Trump described the collaboration as a key milestone for the program, emphasizing its goal of giving young Americans a direct stake in major American industries and technology. (ANI)
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