Michael Dell and his wife Susan Dell will deposit $250 each in the investment accounts of 25 million American children, in a $6.25 billion philanthropic pledge as part of the Trump administration’s Invest America initiative.

The initiative, known as “Trump accounts”, was created this year under President Donald Trump’s One Big Beautiful Bill Act. The U.S. Treasury will deposit $1,000 into investment accounts for all children born between 2025 and 2028.

The funds – required to be invested in an index fund that mirrors the performance of the broader stock market – become available at age 18 for education, job training, a first home or starting a business.

“We believe this effort will expand opportunity, strengthen communities, and help more children take ownership of their future,” the Dells said in a statement.

They said the funds are mainly aimed at children up to the age 10, but kids above that age may benefit if funds remain available after initial sign-ups.

The Invest America accounts are expected to open on July 4 next year, but details about how they will work are still unknown.

Earlier U.S. Treasury Secretary Scott Bessent had come under fire after he described these accounts as a “backdoor for privatizing Social Security”.

However, he later clarified his remarks in a post on X. “Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security’s guaranteed payments,” Bessent said.

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(Reporting by Jaspreet Singh in Bengaluru; Editing by Arun Koyyur)