Another billionaire just announced a donation to "Trump accounts"
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Ray Dalio. Photo: Amal Alhasan/Getty Images for Fortune Media
Billionaire Ray Dalio will make a "generous contribution" to the "Trump accounts," giving approximately 300,000 children in Connecticut $250 each, or roughly $75 million.
Why it matters: The news came alongside the launch of a website that signaled how White House officials envision the government, corporations and billionaires contributing to the accounts, aimed at improving kids' financial prospects.
Driving the news: Treasury Secretary Scott Bessent said that Dalio, founder of hedge fund behemoth Bridgewater Associates, has joined a "50 State Challenge," a new initiative aimed at rallying the nation's richest people and philanthropists to contribute to these funds.
- "The President is calling on our nation's business leaders and private organizations to help us make America great again by securing the financial future of America's children," Bessent said.
- The contribution from Ray and Barbara Dalio follows the commitment from Michael and Susan Dell, who have pledged $6.25 billion to fund 25 million Trump accounts nationwide to children, who live in areas where the median income is less than $150,000.
- Similar to the Dell contribution, the Dalio pledge is for children who live in a Connecticut zip code with the same income restriction.
- "These Trump Accounts are great not just because they put money into stocks for these young people but also because they draw their attention toward how finance, stocks, companies and capitalism work to improve society and can work for them," Dalio said in a post on X.
Follow the money: Connecticut runs a similar program — it provides money to children who rely on Medicaid benefits, a proxy for poverty.
What to watch: The Trump accounts website lists seven companies — Block, Uber, BlackRock, Mastercard, Visa, Bank of New York Mellon, Charter Communications — that have pledged "additional support."
- Investment giant BlackRock said on Wednesday that it would match the U.S. government's $1,000 contribution for any of its roughly 9,400 employees with kids who are eligible for the government's $1,000.
- BNY said last week that it would give its employees' newborns $2,000 once their Trump accounts are opened and verified.
The intrigue: The White House has said that Trump accounts will be created and held with a "designated financial agent," but has not yet identified that firm.
- Whoever gets that initial business would gain millions of new customers.
How it works: The parent or guardian of children who are U.S. citizens born between 2025 and 2028 can elect to receive $1,000 from Treasury that will be invested in index funds. (That contribution which does not count against the yearly $5,000 limit).
- Children born before 2025 are eligible for a tax-advantaged account, but they aren't eligible for the $1,000 Treasury contribution. Accounts will start accept contribution on July 4, 2026.
Editor's note: This story has been updated with additional details.
