Bessent Says Trump Accounts Hold More Than $8 Billion in Deposits

Treasury Secretary Scott Bessent said deposits in children’s Trump Accounts exceed $8 billion, putting a figure on the program President Donald Trump named as the route for Elon Musk’s planned SpaceX share gift.

Bessent called on other philanthropists to participate. The $8 billion figure covers deposits already made; Musk’s share gift remains a plan for 2027.

Musk’s 2027 proposal calls for one SpaceX share per child in the United States. Trump said the shares would go through Trump Accounts and described private investment in children as a purpose of the program.

As of Oct. 7, close to 70 million Trump Accounts existed, including more than 60 million created automatically. Parents can claim their children’s accounts through the Trump Accounts app or the program’s website.

Rules effective Sept. 30 permit Trump Accounts to receive eligible publicly traded shares of U.S. companies. Such a contribution requires a request from an eligible government or tax-exempt entity, Treasury approval and an acceptance agreement between Treasury and the donor. Musk’s stated year for the planned share distribution is 2027.