Tech billionaire Elon Musk (55) has announced he will give every child in the United States a share in his SpaceX rocket company.

“Next year, I will give one of my SpaceX shares to every kid in America,” Musk posted on X on Monday. The world’s richest man added “this will be the first of many” but did not explain how the plan would work.

Around 73 million children under 18 live in the United States, according to 2024 data from the US Census Bureau. Musk owns 38% of SpaceX, Forbes reports.

His statement follows President Donald Trump’s promise last month to give every American adult $5 000 if Republicans keep control of Congress in November’s midterm elections.

SpaceX raised $85.7 billion in June through what became the largest initial public offering in history. The company’s Starship megarocket reached orbit for the first time in September, marking a key moment for the rocket that sits at the centre of Musk’s plans to reach Mars.