According to people familiar with the matter, the Trump administration has communicated with SpaceX about donating stocks to the "Trump Account". The Trump Account is a savings account for children, and the program is expected to launch next week. It is unclear whether Musk agreed to contribute any SpaceX stock to Trump's account, nor how he would contribute.
SpaceX is now valued at $2.2 trillion after its record-setting IPO earlier this month.
"Trump Account"
The "Trump Account" is a tax-advantaged long-term investment account plan for newborns established by legislation in the United States in 2025. It is officially called the "Section 530A Account". As a core component of the working family tax cut bill in the "Big and Beautiful Act", it is named after Trump himself.
Previously, Robinhood and Bank of New York Mellon jointly developed supporting applications for the account and served as brokers and trustees.
The account will be officially launched next Monday (July 6), when parents across the United States can start depositing funds into the account, which is a new model for investing in children for the future.
The Ministry of Finance will inject a one-time seed capital of US$1,000 into the account of newborns born from 2025 to 2028. Parents, relatives, friends, employers and the children themselves can add up to US$5,000 per year thereafter. Employers can also contribute an additional US$2,500 per employee child per year.
The account funds are mainly invested in low-cost U.S. stock index funds, which are automatically converted into individual retirement accounts after the age of 18. Long-term compound interest can accumulate to hundreds of thousands to more than one million US dollars by the age of 55 for retirement security.
Some media pointed out that any donations to the account will promote the ongoing reconciliation process between Elon Musk and Trump-the relationship between the two broke down last year.
Musk was an early supporter and benefactor of the president, but resigned after four months in office amid conflicts over his leadership of the controversial austerity budget plan known as DOGE.
It is worth mentioning that last year, OpenAI CEO Sam Altman proposed the idea of artificial intelligence companies giving up equity shares to the Trump administration.
At that time, although cabinet members were discussing possible arrangements, they never materialized. There are differences between Treasury Secretary Scott Bessent, who prefers to fund Trump's account through equity, and Commerce Secretary Howard Lutnick, who prefers to steer it toward a sovereign wealth fund model, according to people familiar with the negotiations.