Space Exploration Technologies Corp. (NASDAQ:SPCX) is reportedly in talks with the Trump administration about a potential donation to the Trump Accounts, a savings initiative for children.
White House has approached SpaceX for a possible stock donation to the Trump Accounts, reported Semafor on Monday. These accounts, aimed at children’s savings, are scheduled to be launched next week.
It remains unclear whether CEO Elon Musk will contribute any SpaceX shares to the Trump Accounts or how such a donation would be structured. The accounts are being rolled out by the Treasury Department in partnership with Bank of New York Mellon (NYSE:BNY) and Robinhood Markets Inc. (NASDAQ:HOOD) following the GOP’s legislation.
White House and SpaceX did not immediately respond to Benzinga‘s requests for comment.
Musk Sees No Need to Save
Major companies, including Dell Technologies (NASDAQ:DELL), SoFi Technologies (NASDAQ:SOFI) and JPMorgan Chase & Co. (NYSE:JPM), previously announced matching contribution initiatives tied to the accounts.
Musk said that while the Dells’ gesture was commendable, he believes future technological progress will eliminate poverty, making saving money unnecessary through what he called “universal high income.”
First Ever Joint Opening With NYSE And Nasdaq
The Trump Accounts, created under President Donald Trump‘s One Big Beautiful Bill Act, are tax-deferred investment accounts for children. The program provides eligible children with a $1,000 government-funded investment account that families, employers, and outside donors can contribute to over time.
Adam Bergman, founder of IRA Financial, calls the Trump Accounts a “legal backdoor” that could provide children with a new way to build tax-free retirement savings by enabling Roth IRA contributions without earned income, a requirement that has traditionally prevented most minors from opening such accounts.
The Trump Accounts app, available on all major platforms, such as the Apple and Google app stores, has already seen over 4 million children sign up for the program. Kevin Hassett, director of the National Economic Council, told CNBC on Monday that the accounts are set to be launched with a first-ever joint opening bell ceremony by the President, with the NYSE and Nasdaq from the Oval Office, to mark the launch of Trump Accounts.
“We’re having a big opening bell ceremony next week. They’re doing that to celebrate the accounts to make sure everybody knows it’s time to get an account for your kid, even if it’s not born this year,” Hassett said.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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