Elon Musk To Give Away 1 Lakh Crores To Kids In USA

In a surprise announcement, tech billionaire and world’s richest man Elon Musk announced that he wants to gift one SpaceX share to every kid in America next year. Taking to his X account, the Space X CEO revealed this plan will happen soon and even mentioned that it will be the first of many such giveaways through his X account earlier today.

This news comes just a few months after SpaceX made its historic stock market debut in June, breaking records as one of the biggest initial public offerings ever. Moreover, the development comes in the backdrop of his rival AI company Anthropic announcing that 5 percent of its company shares will go into a public fund for social causes.

As per available census data, approximately 72 million( 7.2 Crores) children are living in USA. At the recent market price of around $146( Rs 13,870) per share, the total value of this stock distribution could cross over $10.5 billion( 99,750 Crores). It would mark one of the largest financial gifts ever given directly to young citizens by a single private individual.

However, Musk or his company haven’t yet revealed complete details on how the shares will be transferred in the name of minors. Also, the legal and other logistical challenges behind this historic exercise are not announced.

Despite the missing details, the announcement created huge excitement among retail investors and families across the country. SpaceX shares even saw a minor price jump right after the news went viral.