Washington, DC [US], October 20 (ANI): US President Donald Trump on Monday (local time) thanked billionaire Elon Musk for his plans to donate SpaceX shares to millions of American children through the administration's flagship 'Trump Accounts' initiative. 

In a post on Truth Social, Trump praised the SpaceX founder's proposed contribution, highlighting the initiative's objective of bringing together private-sector investment and long-term financial support for young Americans.

Describing the initiative as being in line with the original vision behind the programme, Trump said it would help give every American child 'a piece of the American Dream'.

'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. '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. Thank you Elon!' the post read. 

The statement followed Musk's announcement on X, in which the SpaceX CEO said he planned to give one share of SpaceX stock to every child in the United States next year, calling it 'the first of many' such gifts. 

'Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,' he wrote. 

https://x.com/elonmusk/status/2112089556615123114

The Trump Accounts programme allows families, government programmes and private-sector donors to contribute funds and equities directly to eligible children's accounts, with the aim of providing them with an early financial foundation and a stake in American enterprise.

Under the program's framework, assets deposited into eligible accounts remain invested until beneficiaries reach adulthood, allowing the funds to potentially grow over time.

Earlier this month, White House stated that the Trump Administration's automatic enrollment has created millions of Trump Accounts, adding that every American child under 18 with a valid Social Security number now has a Trump Account in their name.

Since opening on July 4, Trump Accounts have brought in over USD 4.5 billion. The total includes USD 2.6 billion in philanthropic gifts, USD 1.3 billion from initial USD 1,000 seed contributions, and more than USD 600 million given directly by relatives and friends, with more money expected soon.

The White House further informed that the initiative primarily targets middle-class households, with roughly 80 per cent of accounts belonging to families earning under USD 200,000 annually.

Under the program structure, family members and friends can deposit up to USD 5,000 per year per child, while employers can contribute up to USD 2,500 annually within that same overall limit. Eligible children also qualify for direct philanthropic deposits, with over 70 companies already pledging workplace contribution programs. 

Designed to build long-term wealth and teach key concepts like compound interest, diversification, and investing, the accounts could grow from a few thousand dollars in early childhood to an estimated USD 500,000 by retirement.

Trump framed the collaboration as a key milestone for the program, emphasising its goal of providing young Americans with a direct stake in major American industry and technology. (ANI)