Donald Trump Latest News: US President Donald Trump has said he believes billionaire Elon Musk could donate shares of SpaceX to Trump Accounts, the federal savings program created for American children, following the aerospace company’s record-breaking initial public offering (IPO). Speaking in a CNBC interview aired on Thursday, Trump also described his relationship with Musk as “good” despite months of public political disagreements.
Donald Trump Latest News: Trump Expects Elon Musk to Support Trump Accounts
During the interview, Trump said he had not spoken directly with Musk since SpaceX’s blockbuster IPO, which briefly made the Tesla and SpaceX chief the world’s first trillionaire.
“I wrote him a note, I said congratulations,” Trump said. When asked whether Musk might donate SpaceX stock to Trump Accounts, the president replied, “Well, I think that he will do that.” Although Musk has not publicly confirmed any donation, Trump’s remarks suggest he expects the billionaire entrepreneur to back the government-backed savings initiative.
What are Trump Accounts?
Trump Accounts were established under the Republican tax-and-spending law passed last year. The program provides every eligible American child born between January 1, 2025, and December 31, 2028, with a $1,000 deposit from the US Treasury.
The funds are invested in low-cost US equity index funds and remain in the account until the beneficiary reaches adulthood, functioning similarly to a long-term retirement-style investment account. The initiative is designed to encourage long-term wealth creation for future generations.
Donald Trump Latest News: SpaceX could Join Major Corporate Contributors
If Musk contributes SpaceX stock, the aerospace company would become one of several major corporations supporting Trump Accounts.
Trump highlighted growing corporate participation in the program, while noting that several companies have already committed financial support for employees’ children.
Companies including Uber, Comcast and Wells Fargo have confirmed contributions, while BlackRock, Intel and JPMorgan Chase have pledged to match the government’s $1,000 deposit for eligible employees’ children.
Trump Praises Michael Dell and Micron support
During the interview, Trump also praised billionaire Michael Dell for what he described as a significant contribution to the savings program. Calling Dell “a fantastic guy,” Trump said the Dell Technologies founder made a $6.25 billion donation. He also referenced a pledge from memory-chip maker Micron.
“That’s a tremendous amount, I don’t care how rich you are,” Trump said while discussing corporate backing for the initiative.
Donald Trump Latest News: Trump Says Relationship With Musk is Still Positive
Despite months of political disagreements, Trump insisted his relationship with Musk remains cordial. “He backed me 100%. He liked me, still likes me,” Trump said.
The president acknowledged that Musk disagreed with his decision to reduce subsidies and mandates supporting electric vehicles, saying the billionaire was “not thrilled” by the policy change. “I can understand it, but he’s doing good,” Trump added.
Donald Trump Latest News: How Trump and Musk’s Alliance Turned into a Public Feud
Trump and Musk were among Washington’s closest political allies after the 2024 presidential election. Musk strongly supported Trump’s campaign and later led efforts to reduce federal spending through the Department of Government Efficiency (DOGE).
However, tensions surfaced in May 2025 after Musk publicly criticised Trump’s tax-and-spending legislation. Their dispute escalated on June 5 when Musk described the bill as “a disgusting abomination” on X, while Trump said he felt disappointed and suggested Musk’s criticism was linked to reduced electric vehicle incentives. The conflict intensified as both exchanged public criticism, with Trump raising the possibility of reviewing government contracts and subsidies tied to Musk’s businesses. Although Musk later admitted that some of his social media posts had “went too far,” disagreements resurfaced by late June when he again criticised Trump’s spending bill and floated the idea of launching a new political party.
Even with those political differences continuing into July, Trump now says the two remain on good terms.
(The information is based on inputs from agencies)
