Trump and Musk had a "little dispute" over electric vehicle subsidies. But Trump says the relationship is still strong. He now expects Musk to hand over SpaceX stock for a government savings program.
The U.S. Treasury opens Trump Accounts as savings vehicles for children. Funds are invested in low-cost U.S. index funds, and when the child turns 18, the account converts into a retirement-focused savings plan.
Multiple corporations have signed on, including Uber, Comcast, and Wells Fargo, which have pledged to contribute to the accounts of their employees' children. BlackRock, Intel, and JPMorgan Chase are among the employers that have committed to matching the government's $1,000 deposit. Micron also made a pledge, though the amount is not public.
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The program's goal is to provide every newborn with a financial advantage from birth. Trump promotes the initiative as a means of creating long-term wealth for American families.
Trump gave special mention to Michael Dell, referring to him as a "fantastic guy". "That's a tremendous amount, I don't care how rich you are," Trump said.
The Trump Accounts program, announced earlier this year, aims to address wealth inequality by giving every child a government-seeded investment account. The $1,000 initial deposit, along with corporate matching and contributions, is intended to grow through stock market investments. With major employers like BlackRock and JPMorgan Chase already participating, the program has garnered bipartisan interest. The involvement of billionaires like Michael Dell, who donated $6.25 billion, underscores the initiative's appeal among business leaders.
SpaceX went public last month with an $85 billion valuation. "I wrote him a note, I said congratulations," Trump said. When a reporter asked directly if Musk might donate SpaceX stock, Trump replied: "Well, I think that he will do that."
Trump said his relationship with Musk remains strong, describing their past falling-out as a "little dispute" "rooted in his decision to remove subsidies and mandates for electric vehicles." Before the dispute, Musk had supported Trump's presidential bid and later led an effort to reduce government spending.
"He backed me 100%. He liked me, still likes me," Trump told CNBC. During the CNBC interview, Trump said Musk was "not thrilled" by the president's decision to follow through on his campaign pledge to reduce electric vehicle incentives. "I can understand it, but he's doing good," Trump said.
Musk's potential donation of SpaceX shares would add a high-profile technology stock to the program's portfolio, further enhancing its visibility. The initiative already has strong corporate backing, and a gift from the SpaceX founder could encourage other tech leaders to participate. SpaceX did not immediately respond to a Business Insider request for comment.
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