Billionaire Ray Dalio and his wife, Barbara Dalio, announced plans to match $250 donations to children in Connecticut, following a recent $250 donation by Michael Dell and his wife for children under 10 through the Trump Accounts initiative. Elon Musk has dismissed the move as unnecessary.
Dalio Announces Pledge For Children’s Savings Accounts
Dalio is adding to the excitement surrounding a recent $6.25 billion donation by the Dell family that will see $250 donated to 25 million U.S. children aged 10 and under who meet specific criteria.
The Dell donation comes with a new initiative from President Donald Trump set to launch Trump accounts for children born from 2025 through 2028, with $1,000 from the government available to be placed in low-cost index funds.
Dell’s philanthropic effort targets the children who were born before 2025. Dalio will match the $250 donations from the Dells for children in the state of Connecticut, with an estimated 300,000 children eligible in Dalio’s home state.
“I personally appreciate the Trump administration’s launch of the Trump accounts, appreciate the Dells for piling on with their support, and appreciate both of them for allowing Dalio Philanthropies and others to join in,” Dalio tweeted Wednesday.
Dalio said the effort is part of his belief in capitalism needing to be reformed.
“These Trump Accounts are great not just because they put money into stocks for these young people but also because they draw their attention toward how finance, stocks, companies and capitalism work to improve society and can work for them.”
The Bridgewater Associates founder said that for capitalism to work, “it must work well for most people.”
Along with the donation, Dalio said he will work on financial literacy education for the efforts.
In another tweet, Dalio wrote that he was exposed to the stock market at an early age and it changed his life.
The Dalios are part of the Giving Pledge and have contributed more than $7 billion to Dalio Philanthropies.
Read Also: The $6 Spark That Inspired Michael Dell’s $6.25 Billion Donation To Trump Accounts
Bessent Launches 50 State Challenge, Musk Seems Uninterested
Treasury Secretary Scott Bessent announced more details of the Trump Accounts on Wednesday. Bessent launched a “50 State Challenge” aimed at inspiring billionaires in every state to partner on the Trump accounts.
“We are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America’s children through Trump accounts,” Bessent said.
Elon Musk, who is the world’s richest person and the first person to be worth more than $600 billion, likely won’t be joining the 50 State Challenge or donating to Trump accounts.
“It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income,” Musk tweeted in response to one of Dalio’s posts on Wednesday.
Musk has argued for universal high incomes in the past, and he is a firm believer that items like AI and robotics can help people stop working in the future.
The Optimus humanoid robot from Tesla Inc (NASDAQ:TSLA) could be worth 80% of the company’s future value and help the company trade at a valuation of more than $20 trillion in the future, Musk has said.
Dalio said Wednesday that he hopes other philanthropists joint the Trump Account initiative and 50 State Challenge in their home states.
“As we enter the holidays, I can think of no better gift than the gift of opportunity,” Dalio said.
When it comes to having a billionaire in Texas step up and help with Trump Accounts, the state likely won’t be hearing from Musk anytime soon.
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