US President Donald Trump said he believes Elon Musk could donate SpaceX stock to Trump Accounts, the US government’s savings program for children, following the company’s record-breaking IPO.
In an interview with CNBC that telecast Thursday, Trump said he had not spoken directly with Musk since SpaceX‘s blockbuster public listing, which briefly made the billionaire 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.”
SpaceX could join growing list of corporate donors
SpaceX’s shares have seen sharp swings since its $85 billion IPO last month, but the company remains one of the world’s most valuable businesses. If Musk contributes SpaceX stock, the company would join a growing number of corporations supporting Trump Accounts.
The savings program was created under last year’s Republican tax and spending law. It provides every American child born between January 1, 2025, and December 31, 2028, with a $1,000 deposit from the US Treasury. The money is invested in low-fee US equity index funds and later becomes a retirement-style account when the child turns 18.
Trump praises Michael Dell’s donation
During the CNBC interview, Trump spoke about support from several companies and praised billionaire Michael Dell for what he described as a major contribution.
Trump said Dell, whom he called a “fantastic guy,” made a $6.25 billion donation to the program. He also pointed to a pledge from Micron. “That’s a tremendous amount, I don’t care how rich you are,” Trump said.
Companies including Uber, Comcast and Wells Fargo have confirmed they will contribute to employees’ children’s accounts. Employers such as BlackRock, Intel and JPMorgan Chase have also said they will match the government’s $1,000 deposit.
Trump says relationship with Musk remains positive
Trump also downplayed his recent public clash with Musk, describing it as only a temporary disagreement. He called it a “little dispute” and said it stemmed from his decision to remove subsidies and mandates for electric vehicles. Before their fallout, Musk had backed Trump’s presidential campaign and later led an effort to reduce government spending through the Department of Government Efficiency (DOGE). “He backed me 100%. He liked me, still likes me,” Trump told CNBC.
Trump added that Musk was “not thrilled” when he followed through on his campaign promise to reduce incentives for electric vehicles. “I can understand it, but he’s doing good,” Trump said.
From close allies to public rivals
Trump and Musk were close political allies after the 2024 election, with Musk becoming one of Trump’s biggest supporters and later taking a prominent advisory role focused on cutting government spending.
Their relationship began to crack in May 2025 when Musk publicly criticised Trump’s tax-and-spending legislation. The disagreement escalated on June 5, when Musk called the bill “a disgusting abomination” on X, while Trump said he felt “let down” and suggested Musk opposed the legislation because it reduced electric vehicle incentives.
The two exchanged public attacks over the following days, with Trump raising the possibility of reviewing government subsidies and contracts tied to Musk’s companies. Musk later admitted that some of his posts “went too far,” briefly easing tensions, but the truce did not last.
By late June, Musk had renewed his criticism of Trump’s spending bill and floated the idea of creating a new political party. The political divide between the two continued into July, even as Trump now says their relationship remains on good terms.