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Musk's planned SpaceX share gift to kids will go through Trump Accounts, Gerstner says
Altimeter Capital CEO Brad Gerstner told CNBC on Wednesday that Elon Musk's planned gift of SpaceX shares to U.S. children will be made through Trump Accounts, and that he hopes to raise $100 billion more from donors [1].
- New headline Was: “Musk's SpaceX stock gift is 'tip of the iceberg' for Trump Accounts, Altimeter's Gerstner says”
- Our desk filed its story
Elon Musk's planned gift of a SpaceX share to every child in the United States will be made through Trump Accounts, the new tax-deferred investment accounts for children, Altimeter Capital CEO Brad Gerstner said Wednesday, Oct. 21, on CNBC1. Musk announced the plan in a post on X on Monday, CNBC reported1.
CNBC valued the donation at $10.5 billion1. Gerstner, who founded the group Invest America and helped design the accounts, said Musk is "the tip of the iceberg" and that he told President Trump he could raise $100 billion for the accounts over the next 12 months1.
The Treasury Department issued temporary rules in late September that let the accounts hold donated individual stocks; earlier guidance allowed only diversified, low-cost index funds, CNBC reported1. Treasury has auto-enrolled more than 60 million children, according to CNBC1.
Gerstner also said backers want to open the accounts to all U.S. citizens under 40, a change that would need an act of Congress1. Sen. Bernie Moreno, R-Ohio, said on X that he would lead a Senate bill to do it, CNBC reported1. It was not clear whether the idea has enough support to pass, and no other outlet had confirmed Gerstner's account of the gift's structure at the time of writing1.
