The Scoop
The Trump administration has spoken with SpaceX about donating stock to the children’s savings accounts known as Trump Accounts that are expected to launch next week, a person familiar with the matter said.
Any donation would cement the ongoing reconciliation between Elon Musk and President Donald Trump following the implosion of their relationship last year. The billionaire was an early ally and donor to the president, but left acrimoniously after a four-month stint as a special government employee running the contentious budget-slashing effort known as DOGE.
It’s unclear whether Musk has agreed to contribute any SpaceX stock to Trump Accounts, which officials are expected to bring online as soon as next Monday, or how a contribution might be structured. The Treasury Department has partnered with Bank of New York Mellon and Robinhood on the rollout, in progress since Congress passed the GOP legislation that established them last summer.
Spokespeople for SpaceX, the White House and the Treasury Department, which oversees the Trump Accounts, did not comment.
Step Back
SpaceX is valued at $2.2 trillion after its record-setting IPO earlier this month.
OpenAI’s Sam Altman first raised the idea of AI firms ceding equity stakes to the Trump administration last year, NOTUS first reported. But a Trump-teased meeting with AI CEOs never appeared to materialize, even as Cabinet members mulled possible ways to structure the contributions: Treasury Secretary Scott Bessent favored using stakes to seed Trump Accounts while Commerce Secretary Howard Lutnick preferred steering them toward a type of sovereign wealth fund, people familiar with the talks told Semafor.
Know More
Billionaire Michael Dell and his wife donated $6.25 billion to Trump Accounts (though in cash), and companies including BlackRock and Bank of America have agreed to match donations made by their employees. Already, more than 6 million children have enrolled.
The Trump administration has touted the accounts as a key pillar of Trump’s legacy, with Bessent promoting them along the campaign trail. The director of Trump’s National Economic Council, Kevin Hassett, on Monday teased “a big opening bell ceremony” next week “where Nasdaq and the New York Stock Exchange are going to ring the bell from the Oval for the first time together” in recognition of the launch of the accounts.