President Donald Trump’s proposal to create $1,000 government-funded “Trump accounts” for children born between 2025 and 2028 has gained backing from both the public and several billionaires. Elon Musk, however, has taken the opposite position — declining to contribute and encouraging other wealthy individuals to do the same.
Billionaires such as Michael Dell and Ray Dalio have pledged billions to support similar accounts, with the Treasury Department launching a “50 State Challenge” to attract donors nationwide. Musk, despite being the world’s richest person, has said future universal high incomes will make such savings unnecessary.
Financial estimates show that Musk could fully fund the program — roughly $14.4 billion based on projected U.S. birth rates — while still retaining about 98% of his fortune and remaining the world’s wealthiest individual by a wide margin.