Trump says Elon Musk will donate SpaceX stock to Trump Accounts — but the world's richest man still hasn't said a word
Trump says Elon Musk will donate SpaceX stock to Trump Accounts — but the world's richest man still hasn't said a word.
The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Last week, Trump said he expected Elon Musk to donate SpaceX stock to Trump Accounts , the tax-advantaged investment accounts created under last year's tax law. But days later, while another top SpaceX executive (1) has pledged hundreds of millions of dollars in stock, Musk himself has yet to publicly confirm any plans to contribute.
During a CNBC interview (2), Trump was asked directly whether Musk would contribute SpaceX stock to Trump Accounts.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's what it is and 3 simple steps to fix it ASAP
Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going
The president said he had not spoken with Musk beyond sending him a congratulatory note after SpaceX's blockbuster IPO briefly pushed Musk's net worth above $1 trillion, but nevertheless expressed confidence that a donation would happen.
Trump suggested their relationship had largely recovered after what he described as a "little dispute" over electric vehicle subsidies.
"He backed me 100%. He liked me, still likes me," Trump said (2), adding that Musk was unhappy with Trump's decision to reduce EV incentives but that "He's doing good."
While Musk has remained silent, SpaceX President Gwynne Shotwell announced this week that she and her husband would donate shares of SpaceX stock to Trump Accounts for more than 2 million children ages 11 through 17 in lower-income communities.
Trump praised the contribution on his social media platform Truth Social (1), thanking Shotwell and her husband for what he called their "extreme generosity."
The president said the donation was worth $325 million in SpaceX stock, though Shotwell herself did not attach a dollar figure to the gift when announcing it on X. Based on SpaceX's share price Wednesday, the stock would be worth roughly $296 million, reflecting recent market fluctuations.
The donation makes Shotwell one of the largest known individual contributors to the program.
Read More: 7 essential money moves to make once you've saved $10,000
Trump Accounts provide every eligible child born between Jan. 1, 2025, and Dec. 31, 2028, with a $1,000 federal contribution invested in low-cost U.S. stock index funds. Families, employers and private donors can contribute additional money, subject to annual limits.
Several major companies have already committed support for the program.
Michael and Susan Dell, of Dell Technologies, have pledged $6.25 billion (3), while companies including Uber, Comcast and Wells Fargo have said they'll contribute (4) to employees' children's accounts. BlackRock, Intel and JPMorgan Chase have also announced plans (4) to match the government's initial deposit for eligible employees' children.
For now, however, Trump's repeated prediction that Musk will join that list remains a prediction. Despite the president's public confidence, the Tesla and SpaceX CEO has not announced any donation or publicly commented on Trump's expectation.
