From 24/7 Wall St. · AJ Tiarsmith · · 1m 10s
Trump Claims Musk Gives SpaceX Stock To Kids
Trump says Musk gave SpaceX stock to millions of kids via Trump Accounts, but fewer than 1% claimed in week one.
In brief
Trump says Musk gave SpaceX stock to millions of kids via Trump Accounts, but fewer than 1% claimed in week one. Trump claims Musk promised SpaceX stock to every American child through Trump Accounts, but under 1% of 60 million auto-enrolled accounts were claimed in week one. Originally reported by 24/7 Wall St..
Trump Tied Gift to Trump Accounts
Trump praised Musk's 'incredible generosity' for giving SpaceX stock to kids through Trump Accounts.
“Trump said the gift is what he foresaw when the accounts were created”
Musk Promised SpaceX Shares To Kids
Musk pledged one SpaceX share to every kid in America for next year without defining 'kid' or delivery method.
“Musk posted on X around 4 a.m. ET on Oct. 19 that next year he would give one of his SpaceX shares to 'every kid in America'”
60 Million Accounts Auto-Enrolled
Treasury auto-enrolled over 60 million children under 18 with valid Social Security numbers on Oct. 1.
“On Oct. 1, Treasury auto-enrolled more than 60 million children under 18 who have a valid Social Security number”
Fewer Than 1% Claimed
Only 164,000 accounts, or under 0.3%, were claimed in week one by parents through the app or trumpaccounts.gov.
“Bloomberg Law reported that 164,000 accounts, or under 0.3%, were claimed in week one”
Musk's Share Distribution Plan
Musk has not confirmed how shares would be distributed, though he pledged shares for next year.
“As of publish time, Musk had not confirmed how the shares would be distributed”
Rules For Donated Stock
Families can't turn down donated shares and generally can't sell them until five years pass or the child turns 17.
“InvestmentNews says families can't turn down donated shares and generally can't sell them until five years pass or the year the child turns 17 ends”
The essence
Trump claims Musk promised SpaceX stock to every American child through Trump Accounts, but under 1% of 60 million auto-enrolled accounts were claimed in week one.
