Elon Musk pledged on Monday to give one share of his company SpaceX to every child in the United States next year. Musk wrote on social media that the gift will be the first of many, though he did not specify how the share giveaway would be implemented.
With approximately 72 million children in the U.S., the initiative will run up to US$10.5 billion (S$13.4 billion). This represents more than $10 billion in shares, which is around 1% of Musk's current net worth.
The announcement follows similar pledges from other high-profile tech names. Artificial intelligence rival Anthropic PBC recently stated it would set aside a portion of its shares for a public benefit fund, and other tech moguls have contributed to savings accounts for children.