THE BARE STORY
Elon Musk announced a plan to give every child in the United States a share of SpaceX next year, according to the summaries. Brad Gerstner, founder and chief executive of Altimeter Capital, said the donations would be distributed through tax-deferred Trump Accounts and valued at about $10.5 billion.
Gerstner said he plans to seek $100 billion from technology leaders over the next 12 months to sponsor children nationwide. He also said he would commit $35 million to seed accounts in Indiana. Internal Revenue Service chief executive Frank Bisignano said on Oct. 8 that several large donors were prepared to contribute.
The Treasury Department issued temporary regulations at the end of September allowing the accounts, also known as 530A accounts, to accept individual stocks rather than only diversified index funds. Treasury Secretary Scott Bessent voiced support for philanthropic participation. Legal and philanthropic experts said the revised rules give donors substantial influence over children’s investments.
Children born from 2025 through 2028 are eligible for a one-time $1,000 Treasury contribution. Senator Bernie Moreno said he plans to introduce legislation expanding eligibility to people aged 18 to 40, though it remains unclear whether the proposal has enough support to pass.
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