WASHINGTON (dpa-AFX) - In the first of its kind gesture, President Donald Trump on Monday rang the opening bells of both the New York Stock Exchange and NASDAQ from the Oval Office.
It also marked the official launch of Trump Accounts, a stock market index investment account for U.S. children.
Speaking on the occasion, Trump said, 'With the ringing of the opening bell for the stock market, [Trump Accounts] will now begin to grow right along with our booming economy. Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America's children this week.'
More than six million Trump Accounts have already been requested, with 86 percent coming from families earning less than $200,000 annually, the White House said. The accounts are free to open for every U.S. citizen under 18; children born between January 1, 2025, and December 31, 2028, will receive an automatic $1,000 seed investment from the federal government.
Michael Dell, chairman and CEO of Dell Technologies, and wife Susan Dell have contributed $6.25 billion to seed Trump Accounts. Their donation provided a $250 initial deposit for up to 25 million qualifying children aged 10 and under who live in areas with a median income below $150,000.
In addition to the gift from the philanthropist couple, more than 50 companies have committed to Trump Account contributions for their employees' children - answering President Trump's call to action to invest in the next generation of Americans, according to the White House.
Michael Dell and Susan Dell, investor Brad Gerstner, NASDAQ CEO Adena Friedman, Sen. Ted Cruz and Treasury Secretary Scott Bessent have attended the event.
Dell Technologies' stock increased more than 7 percent after Trump promoted their computers at the event.
Mchael Dell said, 'Today, every newborn American child will start their life with $1,000 invested in America's greatest companies, compounding for the future. To every business leader out there who hasn't already joined us, please join us.'
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