US President Donald Trump expects his erstwhile key supporter Elon Musk to donate his SpaceX stock to the “Trump Accounts.”
Launched on July 4, this program offers US citizens born between 2025 and 2028 an initial government investment of $1,000 and allows for further business or individual donations.
Trump, in an interview with CNBC that aired Thursday, claimed that since Musk momentarily became the first trillionaire in history during SpaceX’s historic IPO, he had not had a direct conversation with him.
“I wrote him a note, I said congratulations,” Trump claimed.
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When asked explicitly if Musk might give Trump Accounts SpaceX stock, the president responded, “Well, I think that he will do that.”
Even though SpaceX’s stock has fluctuated since its $85 billion IPO last month, the company is still among the most valued in the world. If Trump’s hopes come true, it would be added to the increasing number of corporate donations coming into Trump’s accounts.
Trump Accounts are tax-advantaged investment accounts seeded with $1,000 from the Treasury for each American kid born between January 1, 2025, and December 31, 2028.
They were established under the Republican tax and spending package of last year.
When the child turns 18, the assets will be transferred into a retirement-style account and invested in low-cost US equities index funds.
Michael Dell, whom he referred to as a “fantastic guy,” was singled out by Trump in his CNBC interview for a $6.25 billion investment in the program and a commitment from Micron. “That’s a tremendous amount, I don’t care how rich you are,” Trump replied.
Businesses like Uber, Comcast, and Wells Fargo have also stated that they will fund their employees’ kids’ accounts. Companies that have promised to match the government’s $1,000 deposit include BlackRock, Intel, and JPMorgan Chase.
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Trump said that his connection with Musk is still solid, characterising their previous disagreement as a “little dispute” stemming from Musk’s choice to eliminate electric vehicle requirements and subsidies. Before that, Musk supported Trump’s presidential campaign and later led an effort to reduce government expenditure.
“He fully supported me. He liked me, still likes me,” Trump told CNBC, adding that Musk was “not delighted” that Trump had fulfilled his campaign promise to lower incentives for electric cars.
“I can understand it, but he’s doing well,” Trump remarked.