Musk pledges SpaceX shares to all US kids

Elon Musk said on Monday he will give every child in America a share of SpaceX next year. The donation would be worth ten point five billion dollars.

Gifts will flow through Trump Accounts

Brad Gerstner, founder and CEO of Altimeter Capital, said Wednesday the stock donations would come via Trump Accounts, the new tax-deferred investing accounts for children.

Gerstner targets $100bn in donations

Gerstner told CNBC this is just the beginning. He said he can raise one hundred billion dollars over the next twelve months to sponsor all kids in America.

“Elon is the tip of the iceberg”

Treasury opens door to stock donations

The US Department of the Treasury rolled out temporary regulations at the end of September allowing Trump Accounts to hold donated individual stocks, a change from previous guidelines.

Accounts already hit 70 million enrolled

Trump Accounts, also known as five thirty A accounts, are open to any US child under eighteen with a Social Security number. More than seventy million children are now enrolled.

Push to expand to under-40 Americans

Gerstner said Wednesday there is a push to expand access to Trump Accounts to all US citizens under age forty. About ninety million US citizens are between eighteen and forty years old.

Expansion needs congressional approval

Expanding Trump Accounts to Americans under age forty would require a legislative change from Congress. Senator Bernie Moreno, Republican of Ohio, called the proposal a game-changer on Tuesday.

Bipartisan support unclear on expansion

Gerstner told CNBC the expansion is wildly popular among congressional Democrats and Republicans. But it remains unclear whether the proposal has the legislative backing needed to become law.