Trump thanks ‘legendary’ friend Elon Musk for pledging SpaceX shares to every American child through Trump Accounts

US President Donald Trump on Monday (local time) thanked billionaire Elon Musk after Musk announced plans to donate shares in his company SpaceX to millions of American children through the Trump administration’s flagship "Trump Accounts" initiative.In a social media post, Trump wrote, "A BIG THANK YOU to our legendary friend, ElonMusk, for his incredible generosity in giving SpaceX Stock to millions of American children through TRUMP ACCOUNTS!

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."Musk commits shares to American children: What we knowHis remarks came after SpaceX founder Musk wrote in a post on X, “Next year, I will give one of my SpaceX shares to every kid in America.

This will be the first of many.”According to Bloomberg, Musk has agreed to distribute the stock through the Trump Accounts initiative, though he has not disclosed 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 enrolment. Earlier this month, the White House said every American child under 18 with a valid Social Security number now has a Trump Account.Estimates from the US Census Bureau show that the US has around 72 million children, which would make Musk’s donation worth about $10.7 billion at the current share price.Musk joins the list of high-profile Trump Accounts backersThe SpaceX founder’s planned donation adds another high-profile name to the list of Trump Accounts backers.

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 programme. Around the same time, SpaceX President Gwynne Shotwell announced that she and her husband had gifted 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.Established through a tax and spending bill that Trump signed last year, the programme provides $1,000 each to eligible American children born between 2025 and 2028.

It allows families, government programmes and private-sector donors to contribute funds and equities directly to eligible children’s accounts. The aim is to give children under 18 an early financial foundation and a stake in the country’s enterprise.Under the programme, money in eligible accounts stays invested until recipients reach adulthood, giving it the potential to grow over time.

Since opening on 4 July, the accounts have received more than $4.5 billion, including $2.6 billion in philanthropic contributions, $1.3 billion in initial $1,000 seed contributions and over $600 million from relatives and friends. According to reports, the accounts are expected to receive further contributions soon.Family and friends can contribute up to $5,000 a year to each child’s account.

Employers may provide up to $2,500 annually, which counts towards that limit. Eligible children can also receive philanthropic contributions, while more than 70 companies have pledged to set up workplace contribution programmes.(with agency inputs)