President Donald Trump took to Truth Social late Wednesday to thank SpaceX President Gwynne Shotwell and her husband Robert Shotwell for their "extreme generosity" after they donated $325 million in SpaceX stock to Trump Accounts. The donation is aimed at helping children from lower-income households achieve the American Dream.
The Shotwells' contribution will provide Trump Accounts for more than 2 million American children aged 11 to 17, with a particular focus on those living near the couple's central Texas home. The funds are part of the Invest America program and are automatically invested in an S&P 500 index fund. Families, employers, and other parties can make additional contributions up to $5,000 annually.
Trump's recognition of the Shotwells comes after he expressed confidence that SpaceX CEO Elon Musk might also donate stock to the program. Despite past disagreements over electric vehicle mandates, Trump has emphasized his strong relationship with Musk.
Gwynne Shotwell joins a growing list of wealthy supporters of Trump Accounts. Michael and Susan Dell of Dell Technologies (DELL) pledged $6.25 billion to provide $250 to 25 million children. Ray Dalio and his wife Barbara committed at least $75 million for over 300,000 children in Connecticut. Dalio has said the program can help teach young people about finance, investing, and capitalism.
According to Robinhood Markets (HOOD) CEO Vlad Tenev, the growth of Trump Accounts has outpaced that of many of America's most successful tech companies. As of June, nearly 6 million children had enrolled in the program.
