By Caitlin McCabe
SpaceX shares may soon be coming to Trump Accounts.
Gwynne Shotwell, president and COO of the rocket company, said that she and her husband are gifting a share of their SpaceX stock to more than 2 million Trump Accounts. The gift targets children between the ages of 11 and 17 who live in less affluent areas, "with a bit more emphasis for those that live near our central Texas home," Shotwell tweeted this morning.
Trump Accounts, a newly created type of investment account for children, are now live, and come with $1,000 for kids born between 2025 and 2028.
How Shotwell's SpaceX contribution will work isn't yet clear. Last week, the Treasury Department said that philanthropic contributions of stock could go into the accounts, though it didn't provide details on how that might work, as the law requires that investments inside the accounts track indexes. At launch, all contributions are invested in the State Street SPDR Portfolio S&P 500 ETF, which tracks the performance of the S&P 500.
Shotwell's gift represents a sizable chunk of her SpaceX stake. IPO filings from earlier this year showed she owned about 12.6 million SpaceX shares.
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