Elon Musk says he will give one of his SpaceX shares to every "kid" in America next year, describing the donation as "the first of many."

• "Giving shares, which are stakes in the future economy, directly to the people is the way," Musk posted today on X.

Why it matters: The pledge raises new questions about how the world's richest person intends to distribute his net worth — most recently $900 billion+ — both before and after he's gone.

The big picture: If Musk follows through, it would equal a giveaway of roughly $11 billion based on current stock prices if everyone under 18 in the U.S. gets a share.

• That would be nearly double Michael Dell's record-breaking Trump accounts gift.
• Musk did not specify if "kid" meant all minors under 18 or something else.

The intrigue: The pledge suggests a new pathway for how Musk plans to handle his wealth, currently 2.5 times larger than that of Jeff Bezos, the next richest.

• In 2012, Musk signed the Giving Pledge — promising to commit more than half of his wealth "to philanthropic causes and charitable organizations" while alive or in his will.
• But four years later, Musk told a conference, "I really don't have any other motivation for personally accumulating assets except to be able to make the biggest contribution I can to making life multi-planetary."
• That prompted speculation that Musk may consider his commitment to SpaceX as a philanthropic endeavor.
• The Giving Pledge did not respond to a request for comment today.

Musk's comments came soon after Anthropic said it was setting up a new public benefit fund with 5% of the company's equity, an entity potentially worth $100 billion or more.

• Musk responded to Anthropic's news by saying, "I recommend giving the shares directly to the public," later adding, "This is what I will be doing."

The bottom line: A giveaway to "the kids" would make only a small dent in Musk's holdings — but if he goes further, it could add up quickly.

Davos in the Desert will have to wait.

• Organizers today postponed the 10th annual conference, officially known as the Future Investment Initiative, which was set to take place in Riyadh, Saudi Arabia, Oct. 26–29.
• The kingdom has been besieged by attacks by Iran-backed Houthi militants in recent weeks, including a deadly attack on the airport in Riyadh.

Driving the news: The Saudis said they're delaying the conference until an unspecified time in 2027.

• Planned speakers included JPMorgan Chase CEO Jamie Dimon, BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Citigroup CEO Jane Fraser and several heads of state.

The bottom line: "The decision to postpone the conference underscores the deteriorating security situation in the Middle East as the U.S-Iran war spreads across the region," CNBC reports.

🥃 The Supreme Court agreed to hear a challenge to the Reconstruction-era ban on distilling alcohol in private homes. Americans can legally brew beer or make wine at home, but making whiskey, vodka or other spirits can land them in federal prison. (Axios)

💻 Apple announced plans to reveal a new product at a launch event in Los Angeles on Oct. 28. Analysts expect a touch screen Mac laptop. (CNBC)

🧫 Biotech firms count on getting cash from licensing deals, but more of that cash is now being tied to hitting future milestones, says a JPMorgan-DealForma report reviewed exclusively by Axios Pro. (Axios Pro ... Subscribe)

Some people don't like to make small talk. Others — especially younger Americans — say they simply don't know how to do it.

Why it matters: A communication-skills app is betting that a baptism by fire in small talk can help rebuild social confidence, Axios' Josephine Walker writes.

Driving the news: RiseGuide is hiring "chief small talk officers" — recently rebranded from "head of hanging out" to stress the seriousness of the assignment.

The big picture: Older generations grew up with shared cultural touchstones, from popular TV shows to major sporting events, that made it easy to find common ground. Today, algorithms increasingly steer people toward niche interests, leaving fewer shared experiences to connect over.

💭 Nathan's thought bubble: It's hard to engage in small talk when your face is buried in a phone.

Go deeper