RobinhoodShare in Trump accounts The program may lead to the company entering into additional partnerships with the public sector, Bloomberg I mentioned Friday (May 29).
The federal program could serve as a model for similar initiatives, and some states and other public sector organizations have approached Robinhood about partnering on similar projects, Robinhood CFO Shiv Verma He said in the report.
“We have shown that we know how to work with US Treasury“And it’s a very high goal. I think it’s piqued the interest of a lot of other people that maybe we can help them, too,” Verma said.
Trump Accounts provides tax-advantaged investment accounts for US citizens under the age of 18, according to a US government website about the program. The program provides $1,000 to those born between January 1, 2025 and December 31, 2028; Create an account in the child’s name, with one parent as the sole guardian until the child reaches 18 years of age; Optional contributions of up to $5,000 per year are permitted.
The Treasury Department announced in April that it had selected the Bank of New York to manage the initial operation the accounts And to help develop a related app, BNY has teamed up with Robinhood, which will act as a broker and primary custodian for Trump’s accounts program.
Before the announcement, Robinhood’s Chairman and CEO Vlad Tenev “Our mission is clear: to provide the next generation of Americans with an intuitive, world-class platform to launch their financial futures,” he told the Wall Street Journal.
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Robinhood announced Thursday that the official Trump Accounts app is now available for download, that activation emails have been sent to eligible people who chose to open an account, and that the accounts It will be launched on July 4.
Contributions to Trump accounts are automatically invested in a hypothetically eligible low-cost index fund designed for long-term growth potential, the company said in a press release. Families will be able to track contributions, account activity, and investment performance in the app; The child will be able to control the account at the age of 18.
Tenev said Thursday mail On X: “On launch day, Trump Accounts reached #1 in finance and #4 overall in the App Store. Fastest growing app outside of AI.”
The White House said on Friday mail On the X that nearly 6 million children were registered in Trump’s accounts.
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