U.S. Treasury Secretary Bessent: More than $8 billion deposited into U.S. children’s accounts; donations to “Trump Accounts” set to climb further
Oct. 20 — U.S. Treasury Secretary Scott Bessent posted on X, publicly thanking Elon Musk for “investing in America’s next generation.”
Bessent said that more than $8 billion has already been deposited into children’s accounts, and that Musk’s “extraordinary donation” could push the total even higher.
The message of thanks came after Musk said yesterday that next year he would give one share of his SpaceX stock to “every child in America,” adding that “this is just the first of many good deeds.”
Based on this, markets estimate that if the shares were given to all of the roughly 72 million U.S. children under 18, the donation could be worth more than $10 billion, using a SpaceX share price of around $146.
Bessent also used his post to promote “Trump Accounts.” He said that as the accounts continue to grow, he hopes more philanthropists will join the effort to help children across the country begin building their financial futures.
The post also included a link directing users to the official website to download the “Trump Accounts” app, where parents can apply to claim an account for their child.
“Trump Accounts,” established under the One Big Beautiful Bill Act passed in 2025, are officially known as Section 530A accounts. They are tax-advantaged, long-term investment accounts for U.S. minors under 18.
Babies born between 2025 and 2028 are eligible for an initial $1,000 contribution from the Treasury Department. The money must be invested in index funds primarily holding U.S. stocks, such as funds tracking the S&P 500, and beneficiaries cannot withdraw it before turning 18.
The White House announced that nearly 70 million “Trump Accounts” have been set up on the app platform, with more than 60 million created through automatic enrollment.
The initiative comes just ahead of the U.S. midterm elections, and the White House and Treasury Department’s recent flurry of public promotion has clearly taken on the character of campaigning for Republicans.
Analysts say that as the account system expands rapidly, questions about its funding sources, how it operates, and its long-term fiscal impact are likely to become focal points in the next round of political battles between the two U.S. parties.
#美财长致谢马斯克
Oct. 20 — U.S. Treasury Secretary Scott Bessent posted on X, publicly thanking Elon Musk for “investing in America’s next generation.”
Bessent said that more than $8 billion has already been deposited into children’s accounts, and that Musk’s “extraordinary donation” could push the total even higher.
The message of thanks came after Musk said yesterday that next year he would give one share of his SpaceX stock to “every child in America,” adding that “this is just the first of many good deeds.”
Based on this, markets estimate that if the shares were given to all of the roughly 72 million U.S. children under 18, the donation could be worth more than $10 billion, using a SpaceX share price of around $146.
Bessent also used his post to promote “Trump Accounts.” He said that as the accounts continue to grow, he hopes more philanthropists will join the effort to help children across the country begin building their financial futures.
The post also included a link directing users to the official website to download the “Trump Accounts” app, where parents can apply to claim an account for their child.
“Trump Accounts,” established under the One Big Beautiful Bill Act passed in 2025, are officially known as Section 530A accounts. They are tax-advantaged, long-term investment accounts for U.S. minors under 18.
Babies born between 2025 and 2028 are eligible for an initial $1,000 contribution from the Treasury Department. The money must be invested in index funds primarily holding U.S. stocks, such as funds tracking the S&P 500, and beneficiaries cannot withdraw it before turning 18.
The White House announced that nearly 70 million “Trump Accounts” have been set up on the app platform, with more than 60 million created through automatic enrollment.
The initiative comes just ahead of the U.S. midterm elections, and the White House and Treasury Department’s recent flurry of public promotion has clearly taken on the character of campaigning for Republicans.
Analysts say that as the account system expands rapidly, questions about its funding sources, how it operates, and its long-term fiscal impact are likely to become focal points in the next round of political battles between the two U.S. parties.
#美财长致谢马斯克