Elon Musk announces plan to distribute SpaceX shares to American children

Elon Musk says he plans to give one SpaceX share to every child in the United States next year. He has not outlined eligibility or distribution details. The announcement comes amid attention on SpaceX and Tesla's Roadster demonstration in Texas

New Delhi: Billionaire entrepreneur Elon Musk on Monday said he plans to give one SpaceX share to every child in the United States next year.

In a post on the social media platform X, the SpaceX chief executive officer described the move as the first of many such initiatives.

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“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” Musk wrote.

The announcement comes as Musk remains the largest shareholder in the private aerospace and satellite company. According to a recent regulatory filing, Musk held a 48.4 per cent stake in SpaceX as of June 30.

The filing showed that Musk owned approximately 6.42 billion shares in SpaceX. His holdings included 849.5 million Class A shares and 3.92 billion Class B shares held through trusts for which he serves as trustee.

In addition, Musk directly owned about 1.30 billion restricted Class B shares and had rights tied to stock options covering another 350 million Class B shares.

Musk did not provide details on how the proposed share distribution would be implemented, including the eligibility criteria, timing, regulatory approvals or whether the shares would be transferred directly to recipients or through a trust structure.

SpaceX is one of the world’s most valuable private companies, with operations spanning commercial launch services, satellite internet through Starlink and human spaceflight missions.

Meanwhile, last week, Musk unveiled a new version of the Roadster sports car, showcasing a prototype that briefly lifted off the ground during a demonstration at a SpaceX facility in Texas.

A social media post shared by Musk on X highlighted the demonstration, in which the vehicle navigated an elevated, curved track before becoming airborne for a short distance and landing safely, drawing comparisons with the concept of a flying car.

Videos of the demonstration were subsequently shared on social media by the company, marking the latest attempt by the electric vehicle maker to revive a project first announced nearly a decade ago.