President Donald Trump has announced that Elon Musk’s proposed SpaceX stock giveaway will be distributed through so-called ‘Trump Accounts’. Musk, in a statement earlier today, confirmed that he intends to gift one of his SpaceX shares to every child in America next year. With the current value of SpaceX’s stock, the giveaway would be worth roughly $10.5 billion.

Musk thanked Brad Gerstner, a key booster for Trump Accounts, for his support in enabling this initiative. The White House, meanwhile, revealed that 60 million tax-advantaged accounts for children were automatically created in October, and that over 70 million accounts have since been established.

The initiative is part of a broader scheme involving contributions from other notable figures such as Michael and Susan Dell, Ray and Barbara Dalio, and SpaceX president Gwynne Shotwell. This plan marks the first step in what Musk has stated will be many similar initiatives.

For context, the ‘Trump Accounts’ were created as part of the American Opportunity Saver program, which aimed to provide tax-advantaged savings accounts for children. The accounts were automatically created for the parents of newborns or adopted children, with some opting to add their existing kids to the program.