Elon Musk announced he will give every child in the United States stock in his company SpaceX, a maneuver that is possible thanks to the implementation of the Trump Accounts program.
Musk, the founder of SpaceX, Tesla, and other ventures, made the announcement Monday morning. He holds billions of shares of SpaceX.
“Next year, I will give one of my SpaceX shares to every kid in America,” Musk said on his social media platform, X. “This will be the first of many.”
The announcement follows the Treasury rolling out new rules that will allow charities to donate individual stocks to children’s Trump Accounts. Notably, parents cannot refuse the stock contributions, and those stocks can’t be sold for five years.
The Trump administration is taking public comment on the ability for parents to opt out of Trump Accounts.
Trump Accounts are tax-deferred investment savings accounts designed for children, to which parents, family members, and others can contribute money. The funds can be tapped into after the beneficiary turns 18.
In his message on X, Musk didn’t give any indication about how shares of SpaceX will be distributed. He owned some 4.8 billion shares of SpaceX when the company went public this year.
As of Monday morning, a single share of SpaceX was valued at just over $150.
For babies born between Jan. 1 of this year and Dec. 31, 2028, the government will deposit $1,000 into each Trump Account. That $1,000 cannot be touched until the beneficiary turns 18.
MELANIA TRUMP TOUTS SAVINGS ACCOUNTS FOR FOSTER KIDS IN LATEST AFFORDABILITY PUSH
People can contribute up to $5,000 a year up until the year before the child turns 18.
Also, several companies have said they will match the $1,000 contribution from the government for eligible children. And employers of children or a child’s parent are allowed to contribute up to $2,500 per year to the accounts.
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[ H/T Washington Examiner ]
