Bangla Press Desk: Elon Musk, the world’s wealthiest person and CEO of SpaceX, has announced a plan to gift a share of his company to every child in the United States.
In a social media post on Monday (October 19), he shared this initiative, noting that it is just the beginning and that more such efforts are to come.
However, he has yet to provide details on the process or the mechanism by which these shares will be distributed to such a large number of children. According to the U.S. Census Bureau, there are approximately 73 million children in the country. It is speculated that Musk might leverage the U.S. government’s "Trump Accounts" program for this purpose; under new Treasury Department rules, donating shares to such accounts exempts the donor from paying capital gains tax.
Coincidentally, Musk’s announcement follows by just one day a declaration from the artificial intelligence firm Anthropic that it would donate 5% of its shares to a public-interest fund. Anthropic has also pledged to contribute additional shares if its valuation increases by 50% in the future. At a time when Anthropic is making significant investments to address risks and ensure long-term stability in the tech sector, Musk has surprised the global market by proposing a new opportunity for children.
Earlier this year, SpaceX’s entry into the capital markets helped propel Elon Musk’s net worth to a world record. According to financial data provider FactSet, Musk remains the company’s largest individual shareholder, owning a 10.5% stake. On Monday morning—the day before the release of SpaceX’s latest quarterly earnings—the company’s share price rose by more than 2.75%, reaching $149.49. In total, the net worth of the world’s richest individual now stands at approximately $904 billion. Source: CBS New
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