Micron Technology Announces $250 Mln Investment In Trump Accounts

WASHINGTON (dpa-AFX) - Leading semiconductor manufacturer Micron Technology Inc. has announced a $250 million investment in Trump Accounts to increase long-term savings opportunities for American children and families.Macron said in a press release that as part of America's 250th anniversary, it is…

Macron said in a press release that as part of America's 250th anniversary, it is launching an employee matching benefit for contributions up to $1,000 per child under 18. Additionally, the company will provide a community benefit of a one-time $250 seed deposit for children with Trump Accounts where Micron operates - in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas.

Announcing the investment, Micron Chairman, President and CEO Sanjay Mehrotra said, 'As America celebrates its 250th anniversary, this investment is about helping children build a strong foundation for future opportunity while supporting the workforce and communities that will shape U.S. semiconductor leadership.'

Responding to the news, President Donald Trump hailed it as the 'biggest corporate Investment of its kind.'

'This incredible gesture, made by Micron's fantastic CEO, Sanjay Mehrotra, will make many children extremely happy some day in the not too distant future,' he wrote on Truth Social.

The U.S. government, private donors and employers can deposit money into the Trump account, a stock market index investment account for U.S. children.

Also known as 530A account, it can be opened for a child under 18 with a Social Security number. It eventually grows tax-free, serving as a type of individual retirement account.

The funds in the account can be withdrawn only after January 1 of the calendar year in which the child reaches 18 years.

Meanwhile, the U.S. Department of the Treasury has announced the investment lineup for Trump Accounts, including the initial default investment that will be available at launch and four additional low-cost index fund options that responsible parties will be able to elect in the coming months. Through Trump Accounts, American families will be able to choose among the lowest cost options available to invest in their children's future.

At launch, all contributions to Trump Accounts will be invested in the State Street SPDR Portfolio S&P 500 ETF, a low-cost exchange-traded fund that tracks the performance of the S&P 500 Index.

Treasury has also selected four additional low-cost index ETFs for the Trump Accounts investment lineup. They are, iShares Core S&P 500 ETF (IVV), Vanguard Total Stock Market ETF (VTI), State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) and iShares Core S&P total U.S. Stock Market ETF (ITOT).