Billionaire Ray Dalio joins push to fund Trump Accounts, pledging $75 million to Connecticut kids

The U.S. Treasury on Wednesday asked major philanthropic donors to contribute to new children’s investment accounts as part of what Secretary of State Scott Bessent called a “50-state challenge” to raise money for the Trump accounts program.

“The President is calling on our nation’s business leaders and philanthropic organizations to help us make America great again by securing the financial future of America’s children,” Bessent said in a speech.

Billionaire hedge fund founder Ray Dalio and his wife Barbara announced they will hire 250 to 300,000 Connecticut children who live in ZIP codes where the median income is less than $150,000. Dalio founded the investment firm Bridgewater Associates and lives in Connecticut.

The Dalios’ $75 million commitment follows billionaires Michael and Susan Dell’s $6.25 billion commitment earlier in December. The Dells promised to invest $250 into the accounts of 25 million children ages 10 and younger who live in ZIP codes across the country and also have that median income.

The new investment accounts were created as part of President Donald Trump’s tax and budget legislation passed over the summer. Under the new law, the U.S. Treasury Department will deposit $1,000 into the investment accounts of children born during Trump’s second term.

The Treasury has not yet launched the new accounts.

“Starting July 4, our country’s 250th birthday, parents, family members, employers and friends will be able to contribute up to $5,000 to each Trump account each year,” Bessent said Wednesday.

Brad Gerstner, a venture capitalist who has championed the accounts, said the Treasury would create an account for every child in the United States who has a Social Security number, but private companies would eventually administer the accounts. Parents or guardians will need to claim the accounts on behalf of their children. For children born before Trump took office and who do not qualify for funds from the Dells and Dalios, their families can open and fund their own Trump accounts if they choose.

Money from the accounts must be invested in an index fund that tracks the entire stock market. When children turn 18, they can withdraw the funds to finance their education, buy a house or start a business.

Bessent said employers, family members and philanthropists can place funds in the accounts and the administration hopes states will eventually also set up programs to invest in the accounts as well.

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