Trump thinks Musk will donate SpaceX stock to US child savings scheme

[WASHINGTON] US President Donald Trump said he thinks Elon Musk will donate SpaceX stock to the Trump accounts initiative, following other technology executives who have embraced the new investment vehicles for children.

“Well, I think that he will do that,” Trump said in an interview on Thursday (Jul 3) on CNBC when asked about the possibility. “Micron, which is a great company, just did it. Michael Dell is a fantastic guy,” he added, citing others who have also pledged money to the effort.

SpaceX last month made history with the biggest-ever IPO, raising US$86 billion and making Musk, the founder, the world’s first trillionaire. Trump said he congratulated Musk on that achievement.

“I wrote him a note. I said, ‘Congratulations, very good.’ I have a very good relationship with Elon. Elon and I had a little disagreement,” Trump said. “He liked me, still likes me.”

He was referring to his complicated history with Musk, the world’s richest man. Musk threw his wealth behind Trump’s 2024 campaign and went on to spearhead an effort to slash the size of the federal government.

They had a falling out over Trump’s massive tax-and-spending package last year, which Musk said would raise the US deficit. The two have since repaired their relationship with Musk attending a White House dinner for Saudi Crown Prince Mohammed bin Salman last November.

Musk did not immediately respond to a request for comment on Thursday evening.

The tax-advantaged Trump savings accounts that the president previously announced will launch on Jul 4. Every US citizen born between 2025 and 2028 – the period covering his second term – can receive an initial US$1,000 investment from the US government, but older children can also use the accounts.

Corporate leaders have hailed the initiative with many making pledges to contribute to accounts for the children of employees or others. Micron Technology this week announced a US$250 million investment in the accounts. Dell Technologies founder Dell has said he will give 25 million American children US$250 each to jumpstart their investment accounts.

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The participation of prominent business executives highlights how the country’s corporate and financial elite have moved to curry favour with the president by backing some of his signature initiatives.

Next week, executives from Nasdaq and the New York Stock Exchange plan to ring the opening bell from the Oval Office to mark the launch of the Trump accounts. BLOOMBERG