The savings initiative was lauded by multiple corporate leaders who assured to provide contributions to the accounts intended for children, employees and others.
US President Donald Trump said that he thinks SpaceX founder Elon Musk might donate the company’s stocks to the Trump accounts initiative for children in an interview with CNBC on Thursday, July 2.
“Well, I think that he will do that,” said Trump when asked about the possibility of Musk donating. Addressing donations from other technology executives and founders to the investment channel, he said, “Micron, which is a great company just did it. Michael Dell is a fantastic guy.”
American semiconductor company Micron announced that it would invest $250 million in the accounts. At the same time, Michael Dell, founder of Dell, said he would provide $250 each to 25 million American children to initiate their investment accounts.Also Read: Visa credit cards may soon direct rewards into Trump Accounts: How it works
SpaceX went public on June 12, raising $86 billion after its listing on NASDAQ. This was the biggest initial public offering (IPO) in the world, making Elon Musk the first trillionaire.
Trump said that he congratulated Musk for the feat and added that he maintained a good relationship with the founder. The world’s richest man had previously poured his money into the incumbent US president’s 2024 election campaign.
“Elon and I had a little disagreement,” Trump said, hinting at the feud between them after the US president unveiled the H.R.1, a legislative package that promised tax cuts, a debt ceiling hike of $5 trillion and increased defence spending.
Musk had publicly addressed it as “the Debt Slavery Bill”, saying it would increase the US deficit. However, the two have mended their relationship since the development. “He liked me, still likes me,” said Trump.Trump’s savings account initiative, which is set to be launched on July 4, provides several tax advantages. All US citizens born between 2025 and 2028 would become eligible to receive an initial investment of $1000 from the US government. The initiative also allows older children to use the account. The period of the savings account coincides with Trump’s second term in power.
The savings initiative was lauded by multiple corporate leaders who pledged to provide contributions to the accounts intended for children, employees and others. The participation hints at how the corporate elite in the country has increasingly been backing Trump’s initiatives to buy presidential favour.
Trump’s account is set to be launched with executives from Nasdaq and the New York Stock Exchange (NYSE) ringing the opening bell for the first time together from the Oval Office, White House economic adviser Kevin Hassett told CNBC.
(Edited by : Gautham Krishna, Juviraj Anchil)
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Donald TrumpElon MuskSpaceX
