Philanthropists Michael and Susan Dell have donated a historic $6.25 billion to seed savings accounts for 25 million American children.
The huge gift will provide $250 each to 25 million American children to create savings accounts.
Under a new program, the U.S. government will automatically seed savings accounts with $1,000 for each child born between 2025 and 2028.
The Dells’ gift will go to the Treasury Department to fund accounts for an additional 25 million children ages 10 and under.
The $6.25 billion gift will fund the Invest America initiative program created earlier this year by the U.S. government.
The program will begin distributing funds to children next summer.
The money can be used to invest in cryptocurrencies such as Bitcoin, which will likely be worth over $1 million per coin by the time the children reach age 18.
Other billionaires will also donate money to the fund, which will increase the savings accounts to $2,000 or more.
Tech billionaire Michael Dell said his money will benefit 80% of U.S. children ages 10 and under in ZIP codes with median household incomes below $150,000.
“We believe that if every child can see a future that’s worth saving for, we’re going to build something far greater than an account,” Michael Dell said. “We will build hope and opportunity and prosperity for generations to come.”
Who are Michael and Susan Dell?
The astronomical gift by the Dells made national headlines on Tuesday, Dec. 2. Michael Dell is the founder and CEO of Dell Technologies. The company was formed as a result of a 2016 merger of Dell Computers and EMC Corporation.
Dell Technologies is ranked 48th on the 2024 Fortune 500 rankings of the largest U.S. corporations.
Michael and Susan are the founders of the Michael & Susan Dell Foundation, which focuses on improving the lives of children living in urban poverty.
Some people (I won’t name their political affiliation) were so upset by the Dells’ massive donation that they chose to focus on Susan Dell’s cosmetic surgery, instead of her philanthropic efforts to help children living in poverty.
