Key facts
- President Trump announced over 500,000 children received initial $1,000 deposits into 'Trump Accounts.'
- The program aims to give newborn Americans a stake in the stock market and build wealth.
- Micron Technology pledged $250 million to support the initiative.
- SpaceX president Gwynne Shotwell is donating SpaceX stock to the accounts for over two million children.
- Contributions are automatically invested in a low-cost index fund for long-term growth.
President Donald Trump announced that the government has deposited the first $1,000 into over 500,000 'Trump Accounts,' a program designed to provide newborn Americans with a stake in the stock market. The initiative aims to encourage long-term investing and financial literacy. Contributions are automatically invested in a low-cost index fund, with account holders gaining control at age 18.
Several companies have pledged support. Micron Technology committed $250 million, and SpaceX president and COO Gwynne Shotwell announced she and her husband are donating a portion of their SpaceX stock to the accounts for over two million children aged 11 to 17 in lower-income areas. Other companies like Visa, Dell, and Comcast are also supporting the program.
Trump rang the opening bell from the White House Oval Office alongside executives from the New York Stock Exchange and Nasdaq. He highlighted the program as a way to make every child a capitalist and an owner of major U.S. companies. Critics argue that families with limited disposable income may struggle to benefit fully from the accounts.