Trump Praises Gwynne Shotwell for $325 Million SpaceX Stock Gift to 2 Million Children
Updated
Updated · Business Insider · Jul 9
Trump Praises Gwynne Shotwell for $325 Million SpaceX Stock Gift to 2 Million Children
3 articles · Updated · Business Insider · Jul 9
Summary
Truth Social posts from Trump on Thursday thanked SpaceX President Gwynne Shotwell and her husband, Robert, for donating SpaceX stock he valued at $325 million to Trump Accounts.
Shotwell said the gift would provide a share of SpaceX stock for each of more than 2 million American children ages 11 to 17 in lower-income areas, with added focus near the couple’s central Texas home.
At Wednesday’s $148 closing price, the donated shares were worth about $296 million, down slightly from the $320 million to $325 million estimate when the gift was announced Monday.
The donation makes Shotwell one of the largest known individual backers of Trump Accounts, a tax-advantaged program seeded with $1,000 from the Treasury for every U.S. child born from 2025 through 2028.
Trump had said last week he expected Elon Musk to donate SpaceX stock as well, but neither Trump nor Musk has publicly confirmed any contribution from Musk.
When billionaires fund 'Trump Accounts,' how can the government prevent their gifts from appearing to influence multi-billion dollar federal contracts?
Donors avoid capital gains tax, but children pay income tax on withdrawals. Is this new program a net benefit for them?
Will creating a generation of 'citizen-owners' through stock accounts truly bridge the wealth gap or just introduce market volatility to childhood savings?