US President Donald Trump has confirmed his belief that SpaceX founder Elon Musk will donate company stocks to his children's savings initiative, while revealing new details about their current relationship. During an exclusive CNBC interview with Joe Kernen on Thursday, Trump stated that since Musk momentarily became the first trillionaire in history during SpaceX's historic IPO, he had not had a direct conversation with him. The president expressed confidence that Musk will contribute SpaceX stock to the program, noting he 'wrote Musk a note after Musk became a trillionaire' but has not spoken to him since. When asked directly if Musk might donate SpaceX stock to 'Trump Accounts', Trump responded 'Well, I think that he will do that.' This development comes after Trump's earlier CNBC interview on July 2 where he expressed confidence that Musk would participate, noting that other technology executives including Micron and Michael Dell have already contributed to the investment channel. If realized, a SpaceX stock donation would represent a significant private-sector contribution to the program, potentially broadening the asset base available within Trump Accounts beyond the currently designated ETF lineup.
President Trump has directly addressed internal friction at the Federal Reserve, describing the board as 'a little bit hostile' and expressing concern that they may prevent newly appointed Chairman Kevin Warsh from enacting the administration's preferred policies. In an exclusive CNBC interview on Thursday, Trump stated that Warsh is 'dealing with a board that maybe is a little bit hostile, and you know, unfortunately, and maybe a board that wants to do the wrong thing.' According to supplementary tracking by Bloomberg News, Trump elaborated that the board's posture could ultimately prevent Warsh from compelling his central bank colleagues to adopt the administration's desired path for monetary policy. The president noted that 'He's a great guy and a great pro, and I know where he'd like to be, but he has to do what he has to do.'
The US Treasury has officially launched the Trump Accounts program with a comprehensive lineup of five low-cost index ETFs from major providers. The initiative provides ₹8,333 ($1,000) government-funded investment accounts to eligible children born between 2025 and 2028 with valid Social Security numbers. The Treasury selected SPDR Portfolio S&P 500 ETF (SPYM) as the default investment option, which will automatically receive all contributions during the rollout period. Additionally, four other ETFs were chosen to track broad US equity markets: iShares Core S&P 500 ETF (IVV), iShares Core S&P Total U.S. Stock Market ETF (ITOT), SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM), and Vanguard Total Stock Market ETF (VTI). All selected funds feature expense ratios of 0.02% to 0.03%, ensuring low-cost investment options for the long-term savings program.
SpaceX shares experienced significant gains following Trump's latest comments about a potential stock donation to children's savings accounts. According to market data, SpaceX ticker SPCX rose about 3% to close at $162 on July 3, recovering from an intraday low near $155 as buyers stepped in following early selling pressure. The advance came as risk assets also strengthened, with Bitcoin, Ethereum, Solana, and XRP trading higher during the session. However, retail sentiment on Stocktwits remained 'bearish' amid a 278% jump in 24-hour message volumes, with users expressing concerns about the stock becoming locked up in retail hands. One user noted that the donation would 'lock up the float and make it even harder for institutions that thrive on buying big blocks and dumping them surgically.'
SpaceX achieved a historic milestone on June 12 when it went public on NASDAQ, raising ₹7,040 crore ($86 billion) in what became the world's largest initial public offering. As reported by CNBC TV18, this made Musk the first trillionaire globally. Trump congratulated Musk on this achievement and confirmed maintaining a good relationship with the world's richest man, despite previous disagreements over policy matters. The potential SpaceX donation would carry significant political weight, potentially cementing the ongoing thaw between Musk and U.S. President Donald Trump after their relationship soured during the DOGE fallout. The program has already drawn substantial private-sector support, with billionaire Michael Dell and his wife donating $6.25 billion in cash, while companies including BlackRock and Bank of America have agreed to match donations made by employees. More than 6 million children have reportedly enrolled so far, as reported by Semafor. White House economic adviser Kevin Hassett teased a high-profile launch event next week, saying Nasdaq and the New York Stock Exchange would ring the opening bell from the Oval Office 'for the first time together' to mark the rollout.
Multiple technology executives have already pledged significant contributions to the children's savings initiative. According to CNBC TV18, Micron announced a ₹2,080 crore ($250 million) investment in the accounts, while Michael Dell committed to providing ₹2,080 crore ($250 each) to 25 million American children to initiate their investment accounts. The initiative has already drawn substantial private-sector support, with billionaire Michael Dell and his wife donating $6.25 billion in cash, while companies including BlackRock and Bank of America have agreed to match donations made by employees. More than 6 million children have reportedly enrolled so far, as reported by Semafor. White House economic adviser Kevin Hassett teased a high-profile launch event next week, saying Nasdaq and the New York Stock Exchange would ring the opening bell from the Oval Office 'for the first time together' to mark the rollout.
