Dalio Doubles Down on Children's Savings Initiative

Billionaire investor Ray Dalio and his wife Barbara are jumping into the Trump Accounts movement with both feet. The couple announced they'll match $250 donations to children in Connecticut, their home state, following Michael Dell's eye-popping $6.25 billion pledge that promises $250 to 25 million U.S. children aged 10 and under who meet specific criteria.

Here's how this all fits together: President Donald Trump's administration recently launched Trump Accounts for children born between 2025 and 2028, offering $1,000 from the government to be invested in low-cost index funds. Dell's philanthropic effort fills the gap for kids born before 2025. Now Dalio is matching those $250 Dell donations for Connecticut's approximately 300,000 eligible children.

"I personally appreciate the Trump administration's launch of the Trump accounts, appreciate the Dells for piling on with their support, and appreciate both of them for allowing Dalio Philanthropies and others to join in," Dalio tweeted Wednesday.

The Bridgewater Associates founder sees this as more than just handing out money. He's framing it as part of his longstanding belief that capitalism needs reform to survive.

"These Trump Accounts are great not just because they put money into stocks for these young people but also because they draw their attention toward how finance, stocks, companies and capitalism work to improve society and can work for them," Dalio explained.

For capitalism to work properly, Dalio argues, "it must work well for most people." He's planning to add financial literacy education to complement the donations, and noted in another tweet that his own early exposure to the stock market changed his life trajectory.

The Dalios are members of the Giving Pledge and have contributed more than $7 billion to Dalio Philanthropies over the years.

Treasury Secretary Issues National Challenge

Treasury Secretary Scott Bessent announced more details Wednesday and launched what he's calling the "50 State Challenge," essentially inviting billionaires in every state to get involved with Trump Accounts.

"We are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America's children through Trump accounts," Bessent said.

Dalio endorsed the broader effort, saying "As we enter the holidays, I can think of no better gift than the gift of opportunity." He's hoping other philanthropists will step up in their respective home states.

Musk Takes a Hard Pass on Savings Accounts

Don't expect Elon Musk to join the party. The world's richest person and first individual to crack $600 billion in net worth isn't interested in the 50 State Challenge, and he's got a pretty wild reason why.

"It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income," Musk tweeted in response to one of Dalio's posts Wednesday.

This isn't new territory for Musk. He's repeatedly argued that artificial intelligence and robotics will transform the economy so dramatically that people won't need to work traditional jobs anymore. He's particularly bullish on the Optimus humanoid robot from Tesla Inc. (TSLA), which he's claimed could represent 80% of the company's future value and help Tesla reach a valuation exceeding $20 trillion.

So when it comes to Texas having a billionaire step up for Trump Accounts? Don't hold your breath waiting for Musk. He's apparently more focused on building a future where savings accounts become relics of a bygone era.

The philosophical divide is striking: Dalio wants to teach kids how capitalism works and give them a stake in the system, while Musk believes the entire concept of saving money will become obsolete within their lifetimes.