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SpaceX No. 2 exec donates $320 million of stock to Trump Accounts
Semafor • • business
Key Points:
- Gwynne Shotwell, SpaceX’s president and COO, plans to donate $320 million worth of SpaceX stock to investment accounts for children established by the Trump administration on July 4.
- She intends to give one share of SpaceX stock, valued at $165, to accounts for over 2 million children, focusing on lower-income families in Texas, representing about one-fifth of her Class A shares.
- The exact mechanics and eligibility criteria for receiving Shotwell’s stock donation remain unclear, and the Trump Accounts were initially designed to hold index funds to minimize market volatility.
- The Treasury Department recently allowed stock donations into these accounts but requires investments to track indexes, and SpaceX will be included in index funds as it joins the Nasdaq 100 this week.
- Over 6 million children have been signed up for Trump Accounts, which provide $1,000 in government seed money for kids born between 2025 and 2028.
