Musk Promises to Give Every American Child a Share in SpaceX

Elon Musk said in a post on the X platform that he will give every American child one share in SpaceX, without clarifying eligibility conditions, distribution mechanism, or a timeline.

The promise has not turned into a formal regulatory filing, according to MarketScreener, citing MT Newswires. This comes ahead of SpaceX's third-quarter results announcement on October 20.

According to the Associated Press, SpaceX stock, traded under the ticker symbol "SPCX", closed at $146.03 in the Friday session on October 16. Based on this price, the agency estimated the value of the promise at approximately $10.66 billion, based on about 73 million Americans under the age of 18.

The promise raises questions about how SpaceX shares will be distributed to millions of children, who bears the cost, and whether it will include children born later. The company has not announced additional details regarding the mechanism.

What Do These Terms Mean?

Share: A small ownership stake in a company, giving its owner a right to a portion of its profits, assets, and voting rights on certain decisions.

Ticker Symbol (SPCX): A unique abbreviation used for trading a company's shares on the stock exchange, and SpaceX stock trades under this symbol.

Regulatory Filing: A formal document submitted by a company to a regulatory body to record information or a decision that impacts shareholders and the market.