Musk promised to give SpaceX stock to “every child in America”

Elon Musk, the world's richest billionaire, announced plans to give every child in the U.S. one SpaceX share next year. He posted about this on the social media platform X.

"Next year, I will give one of my SpaceX shares to every child in America. This will be the first of many such initiatives," Musk wrote.

Musk did not provide details on how the securities would be distributed or which of his children would be eligible to receive them.

According to Bloomberg, the total number of SpaceX shares outstanding is approximately 8.1 billion. If Musk were to actually give shares to every child in the U.S., that would cover approximately 72 million people. Based on the current market price of SpaceX shares, the total value of the shares distributed would be about $10.5 billion, notes Business Insider.

SpaceX shares account for the bulk of Musk’s fortune, which Forbes estimates at $908.5 billion. The entrepreneur owns 38% of the company, including options. After the space company’s IPO in June, Musk became the world’s first trillionaire, but later lost that status following a drop in the stock price. Over the past month, SpaceX shares have fallen by nearly 4%. In premarket trading on October 19, SpaceX shares rose 1.2%.

This article was AI-translated and verified by a human editor