The Dictatorship
Michael and Susan Dell donate $6.25 billion to encourage families to claim ‘Trump Accounts’
NEW YORK (AP) — Billionaires Michael and Susan Dell pledged $6.25 billion Tuesday to provide 25 million American children 10 and under an incentive to claim the new investment accounts for children created as part of President Donald Trump’s tax and spending legislation.
The historic gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion. Announced on GivingTuesdaythe Dells believe it’s the largest single private commitment made to U.S. children.
Its structure is also unusual. Essentially, it builds on the “ Trump Accounts ” program, where the U.S. Department of the Treasury will deposit $1,000 into investment accounts it sets up for American children born between Jan. 1, 2025 and Dec. 31, 2028. The Dells’ gift will use the “Trump Accounts” infrastructure to give $250 to each qualified child under 11.
“We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come,” said Michael Dellthe founder and CEO of Dell Technologies whose estimated net worth is $148 billion, according to Forbes.
Billionaires Michael and Susan Dell pledged $6.25 billion on Tuesday to provide an incentive to families to adopt new investment accounts for children. The accounts were created as part of President Donald Trump’s tax and spending legislation but have not yet launched.
Though the “Trump Accounts” became law as part of the president’s signature legislation in July, the Dells say the accounts will not launch until July 4, 2026. Michael Dell said they wanted to mark the 250th anniversary of U.S. independence.
“We want these kids to know that not only do their families care, but their communities care, their government, their country cares about them,” Susan Dell told The Associated Press.
Under the new law, “Trump Accounts” are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business.
The Dells will put money into the accounts of children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who won’t get the $1,000 seed money from the Treasury. Because federal law allows outside donors to target gifts by geography, the Dells said using ZIP codes was “was the clearest way to ensure the contribution reaches the greatest number of children who would benefit most.”
The Dells hope their gift will encourage families to claim the accounts and deposit more money into it, even small amounts, so it will grow over time along with the stock market.
There is a political benefit for Trump and fellow Republicans. The accounts will become available in the midst of a midterm election, providing money to millions of voters — and a campaign talking point to GOP candidates — at a critical time politically. The $1,000 deposits are slated to end just after the 2028 presidential election.
At the White House on Tuesday, Trump praised the Dells saying their gift was, “truly one of the most generous acts in the history of our country.”
Trump said many companies and many of his friends would also be donating, adding “I’ll be doing it, too.”
Brad Gerstner, a venture capitalist, who championed this legislation, said the accounts will give all children renewed hope in the American dream.
“It’s hard to give effective dollars away at scale, particularly to the country’s neediest kids in a way that you have confidence that those dollars are going to compound with the upside of the U.S. economy,” said Gerstner, who is also the founder of Invest America Charitable Foundation, which is supporting the Treasury in launching the accounts.
“Fundamentally, we need to include everybody in the upside of the American experiment. Otherwise, it won’t last. And so, at its core, we think it can re-energize people’s belief in free market, capitalist democracy,”″ Gerstner said of the accounts.
About 58% of U.S. households held stocks or bonds in 2022, according to the U.S. Securities and Exchange Commission, though the wealthiest 1% owned almost half the value of stocks in that same year and the bottom 50% owned about 1% of stocks.
In 2024, about 13% of children and young people in the U.S. lived in poverty, according to the Annie E. Casey Foundation, and experts link the high child poverty rates to the lack of social supports for new parents, like paid parental leave.
While the funds in the Trump Accounts may help young adults whose families or employers can contribute to them over time, they won’t immediately help to diminish childhood poverty. Cuts to Medicaid, food stamps and child care that were also included in the spending package are likely to reduce the support children from low-income families receive.
Ray Boshara, senior policy adviser with both the Aspen Institute and Washington University in St. Louis, said he is excited about the idea that the Trump Accounts will be able to receive contributions from the business, philanthropic and governmental sectors.
“We would like to see this idea continue and get better over time, just like any big policy,’ said Boshara, who co-edited the book “The Future of Building Wealth.” “The ACA, Social Security – they start off fairly flawed, but get much better and more progressive and inclusive over time. And that’s how we think about Trump Accounts. It’s a down payment on a big idea that deserves to be improved and there’s bipartisan interest in improving them.”
Through the Michael & Susan Dell Foundation, the Dell’s have reported giving $2.9 billion since 1999, with a large focus on education.
Michael Dell said they had not initially envisioned committing so much to boost the child investment accounts, but Susan Dell said that changed over time.
“We’re thrilled to be spearheading this in the philanthropy sector and are so excited because we know that more people are going to jump on board because really, we can’t think of a better idea and better way to help America’s children,” she said.
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AP writer Darlene Superville in Washington contributed to this report.
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Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.
The Dictatorship
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President Donald Trump called the celebrations in the streets of Iran “fantastic” following the killing of the country’s supreme leaderAyatollah Ali Khamenei, during a brief phone call with MS NOW on Saturday night.
Trump told MS NOW that he’s seen the celebrations in Iran and in parts of America, after joint U.S.-Israel airstrikes killed Khamenei.
“I think it’s fantastic,” the president said of the celebrations. “I’ve seen them in Los Angeles, also — celebrations.”
“I’ve seen them in Los Angeles, celebrations, celebrations,” Trump said, accentuating the point.
The interview took place roughly 11 hours before the Pentagon announced the first U.S.military casualties of the war. U.S. Central Command said three American service members were killed in action, and five others had been seriously wounded.
Revelry broke out in Iran, the United States and across the globe on Saturday, with Iranians cheering the death of Khamenei, who led Iran with an iron fist for more than 30 years, cracking down on dissent at home and maintaining a hostile posture with the U.S. and Israel.
Asked how he was feeling after the strike on Khamenei, whose death was confirmed just a few hours earlier, Trump said it was a positive development for the United States.
“I think it was a great thing for our country,” he said.
The call — which lasted less than a minute — came after a marathon day, which began in the wee hours of the morning with strikes on Iran and continued with retaliatory ballistic missiles from Tehran targeting Israel and countries in the Middle East region that host U.S. military bases.
The day ended with few answers from the White House to increasing questions about the long-term future of Iran, how long the U.S. will continue operations there, and the metastasizing ramifications it could have on the world stage. In fact, the president has done little to convince the public to back his Iran operation, nor to explain why the country is at war without the authorization of Congress.
On perhaps the most consequential day of his second term, Trump did not give a formal address to the public, nor did he hold a press conference. Instead, he stayed out of public view at Mar-a-Lago, his private club and residence in Palm Beach, Florida, where he attended a $1 million-per-plate fundraising dinner on Saturday evening.
But throughout the day, Trump took calls from reporters at various new outlets, including from MS NOW at around 11 p.m. ET.
The strikes, known formally as “Operation Epic Fury,” came after months of talks over Iran’s nuclear program, and warnings from Trump that he would strike Tehran if they did not agree to his often shifting conditions.
At 2:30 a.m. ET on Saturday, Trump posted a video to social media announcing the operation, which he said was designed to “defend the American people by eliminating imminent threats from the Iranian regime, a vicious group of very hard, terrible people.”
“The lives of courageous American heroes may be lost and we may have casualties. That often happens in war,” Trump said when he announced the strikes on Iran.
Mychael Schnell is a reporter for MS NOW.
Laura Barrón-López covers the White House for MS NOW.
Three U.S. service members were killed and five seriously wounded as the United States and Israel launched attacks on Iran, U.S. Central Command said Sunday morning.
The three service members — the first Americans to die in the conflict — were killed in Kuwait, a U.S. official said.
Several others sustained minor injuries from shrapnel and concussions but will return to duty, the Pentagon said. The identities of the dead and wounded have not been made public.
“The situation is fluid, so out of respect for the families, we will withhold additional information, including the identities of our fallen warriors, until 24 hours after next of kin have been notified,” Central Command said in a statement.
The U.S. and Israel launched sweeping airstrikes on Iranon Saturday, killing Ayatollah Ali Khameneithe country’s supreme leader for nearly four decades. Iran has vowed retaliation and hit several U.S. military bases across the region.
According to U.S. Central Command, Iran has also attacked more than a dozen locations, including airports in Dubai, Kuwait and Iraq, and residential neighborhoods in Israel, Bahrain and Qatar.
Israel Defence Forces said Sunday that Iran fired missiles toward the neighborhood of Beit Shemesh, killing civilians. The missile hit a synagogue, killing at least nine people, according to the Associated Press.
AP reported that authorities said at least 22 people were killed and 120 others wounded when demonstrators tried to attack the U.S. Consulate in Karachi in Pakistan.
The violence came after the United States and Israel attacked Irankilling its Supreme Leader Ayatollah Ali Khamenei. Police and officials at a hospital in Karachi said that at least 50 people were also wounded in the clashes and some of them were in critical condition.
On Sunday, Israel Defence Forces said on X, “It’s official: All senior terrorist leaders of Iran’s Axis of Terror have been eliminated.”
President Donald Trump told CNBC’s Joe Kernen on Sunday that the operation in Iran is “moving along very well, very well — ahead of schedule.”
In a phone call with MS NOW late Saturday, Trump called the celebrations in the streets of Iran “fantastic” following the killing of Khamenei.
Confirming Khamenei’s death, Prime Minister Benjamin Netanyahu said Sunday: “We have eliminated the tyrant Khamenei and dozens of senior figures of the oppressive regime. Our forces are now striking at the heart of Tehran with increasing intensity, set to escalate further in the coming days.”
The exchange of hostilities comes after weeks of fragile negotiations between the U.S. and Iran over Iran’s nuclear operations.
Esmail Baghaei, a spokesperson for Iran’s foreign ministry, called the joint U.S-Israeli attack an “unprovoked, unwarranted act of aggression” in an interview with MS NOW’s Ali Velshi on Sunday. He said Iran’s nuclear program has been used a pretext for the attack.
“We have every right to defend our people because we have come under this egregious act of aggression,” Baghaei said.
Trump announced the attack early Saturday during a short video posted on his Truth Social account. He called for an end to the Iranian regime and urged Iranians to “take back the country.”
Negotiators and mediators from Oman were supposed to meet in Vienna on Monday to discuss the technical aspect of a potential nuclear deal.
Rep. Eric Swawell, D-Calif., told MS NOW’s Alex Witt on Sunday afternoon that the president’s military operation in Iran was illegal, echoing what many lawmakers have said in citing that under the U.S. Constitution only Congress can declare war.
“This is a values argument. We don’t just lob missiles into other countries when we are not provoked, attacked and have no plan for what comes next,” he said.
“We have been shown zero evidence that anything changed in Iran from last year when the president did not come to Congress and took a strike on Iran,” Swalwell said.
In June the U.S. struck three Iranian nuclear sites. Trump said the facilities had been “completely and totally obliterated.” But experts and U.S. officials said the sites were damaged but not destroyed.
Erum Salam is breaking news reporter for MS NOW, with a focus on how global events and foreign policy shape U.S. politics. She previously was a breaking news reporter for The Guardian and is a graduate of Texas A&M University and the Columbia University Graduate School of Journalism. Follow her on X, Bluesky and Instagram.
Akayla Gardner is a White House correspondent for MS NOW.
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