Michael & Susan Dell pledge USD6.25b to launch ‘Trump Accounts’ for 25m children
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The news: Billionaires Michael and Susan Dell have pledged to donate USD6.25 billion ($9.53 billion) to 25 million American children under 10 to jumpstart an investment account for their futures.
The numbers: In a press release shared on Tuesday, the Dells said the USD6.25 billion will seed 25 million additional accounts with USD250 each. These deposits will reach the accounts of most children age 10 and under who were born prior to the qualifying date for the federal newborn contribution.
Michael Dell is currently the 11th richest person in the world with an USD148 billion fortune, according to Bloomberg.
The context: The Dells explained that they were inspired to expand the Invest America, better known as ‘Trump Accounts’, initiative launched by the Trump administration, which from next year will see the US Treasury contribute USD1,000 to the Invest America account of every baby born between 2025 and 2028.
“This automatic USD1,000 deposit by the federal government gives every American newborn a transformative head start”, the Dells said.
The campaign is initially targeting zip codes with median household incomes below USD150,000 and expects to reach 80% of US children in that age range.
“Our investment builds on the bipartisan leadership that made Invest America possible. It also reflects something more: the power of collective action. This is not just about what one couple or one foundation or one company can do. It is about what becomes possible when families, employers, philanthropists, and communities all join together to create something transformative.
The source: Michael & Susan Dell Foundation
