Elon Musk Commits $10.5B in SpaceX Shares for Every U.S. Child
In a surprising revelation that has left Wall Street and Silicon Valley in shock, Elon Musk pledged on Monday to donate one share of his aerospace behemoth, SpaceX, to every child in America next year. Musk, the world’s wealthiest individual, made this announcement on his social media platform, X, stating: “Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.”
With an estimated 72 million children under the age of 18 in the United States, and SpaceX shares currently valued at approximately $146 per share on Nasdaq (ticker: SPCX), the total worth of the pledge is a staggering $10.5 billion. This could potentially be the largest philanthropic gift in history. Musk, who currently owns nearly 4.8 billion SpaceX shares, would see his holdings reduced by a mere 1.5% due to this giveaway.
This announcement comes on the heels of a similar commitment from AI firm Anthropic, which pledged 5% of its equity to a new public benefit fund on Sunday. Musk responded to this by expressing his preference for giving shares “directly to the public.” Brad Gerstner of Altimeter Capital suggested that the SpaceX shares could be distributed through government-backed Trump Accounts, child investment vehicles that have been previously utilized in a similar donation by Michael Dell.
The pledge arrives amidst increasing public scrutiny of the influence of Big Tech on society. A recent AP-NORC poll revealed that 64% of Americans believe AI is developing “too fast.” Musk provided few logistical details regarding his pledge, but assured that more information would follow.
Source: CNBC – Elon Musk says he’ll give a SpaceX share to every child in America next year