President Donald Trump thanked SpaceX CEO Elon Musk on Monday for pledging to give his company’s stock to every child who is participating in the Trump Accounts retirement program.
“A BIG THANK YOU to our legendary friend, Elon Musk, for his incredible generosity in giving SpaceX Stock to millions of American children through TRUMP ACCOUNTS!” Trump wrote on Truth Social. “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 made the promise on X earlier Monday, saying he “will give one of my SpaceX shares to every kid in America” starting in 2027 and teasing that it “will be the first of many.”
The billionaire owns up to 6.4 billion shares in SpaceX as of June 30, according to the aerospace company’s Securities and Exchange Commission filing in August.
His announcement came months after SpaceX President Gwynne Shotwell said she and her husband would donate their shares to over 2 million children, primarily those in central Texas. The company has its main headquarters and rocket engine testing facility in Texas.
Nearly 70 million children, who are U.S. citizens under 18 years old, have received Trump Accounts since the White House launched the program on July 4.
For children born between Jan. 1, 2025, and Dec. 31, 2028, the government deposits $1,000 into each Trump Account before parents or others can start contributing up to $5,000 a year until the child becomes of age. After the beneficiary turns 18, the funds in said account can be used.
The stated purpose of the program is to help families invest in their children’s future. Musk has been supportive of the initiative since it was announced.
THANKS TO TRUMP ACCOUNTS TWEAK, MUSK CAN GIVE EVERY CHILD SPACEX SHARES EVEN IF PARENTS OBJECT
The planned stock donation is a sign of the friendly relationship between Musk and Trump. Both ended up in an abrupt feud over federal policy last year, but they later made amends.
The two public figures are now embroiled in a controversy regarding Ukraine’s wartime access to Starshield, a military-grade satellite network developed by SpaceX and owned by the U.S. government. Trump denied that he limited Starshield for Ukraine. His denial followed Musk’s claim that any Starshield restrictions would have been imposed by the Department of War and the White House.