Robinhood Markets Inc. (NASDAQ:HOOD) CEO Vlad Tenev said Wednesday that Trump Accounts was adding customers faster than many of America’s biggest technology companies, as the government-backed investment program neared 6 million enrollments.
Trump Accounts Tops 6 Million Sign-Ups
Tenev, in a post on X, said customer growth for Trump Accounts has outpaced that of “many of America’s most successful and dynamic tech companies.”
Treasury Secretary Scott Bessent in June said nearly 6 million children had enrolled for the Trump Accounts, which was officially launched last Saturday.
Robinhood serves as the program’s initial broker alongside The Bank of New York Mellon Corp. (NYSE:BNY), with the accounts designed to encourage long-term investing from an early age.
Trump Accounts Aim to Expand Stock Ownership
Created under President Donald Trump‘s One Big Beautiful Bill Act, Trump Accounts are tax-deferred investment accounts for eligible U.S. children, with those born between 2025 and 2028 eligible for a one-time $1,000 government-funded contribution from the U.S. Department of the Treasury.
The accounts automatically invest contributions in an S&P 500 index fund, while families, employers and others can contribute up to $5,000 annually.
Corporate America Backs the Program
Dell Technologies Inc. (NYSE:DELL) CEO Michael Dell and his wife, Susan Dell, pledged $6.25 billion to give $250 each to 25 million children, while Ray Dalio and Barbara Dalio pledged at least $75 million for more than 300,000 children in Connecticut.
Companies including Visa Inc. (NYSE:V), SoFi Technologies Inc. (NASDAQ:SOFI), JPMorgan Chase & Co. (NYSE:JPM), Comcast Corp. (NASDAQ:CMCSA), BlackRock Inc. (NYSE:BLK), Micron Technology Inc. (NASDAQ:MU) have announced contributions or employer-matching programs.
Space Exploration Technologies Corp. (NASDAQ:SPCX) President Gwynne Shotwell on Monday said she and her husband would donate SpaceX shares to Trump Accounts benefiting more than 2 million American children.
Builds on Tenev’s ‘Make Everyone an Owner’ Vision
Trump Accounts are part of Robinhood’s expansion beyond traditional brokerage services, with the company launching tokenized U.S. stocks for investors in more than 120 countries, AI-powered trading agents, retirement accounts, and international investing products.
Tenev has previously said Robinhood’s “North Star” is to maximize direct equity ownership and make investing more accessible.
Price Action: Shares of HOOD closed 0.56% higher on Wednesday at $113.53 and were little changed in after-hours trading, rising 0.06%.
Benzinga edge rankings indicate HOOD has a Momentum score in the 81st percentile and a Growth score in the 92nd percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Thrive Studios ID / Shutterstock.com
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