Billionaire Ray Dalio joins push to fund Trump Accounts, pledging $75 million to Connecticut kids

Core Insights - The U.S. Treasury is initiating a "50 State Challenge" to encourage philanthropic contributions to new investment accounts for children, as part of the Trump Accounts program [1] - Billionaire hedge fund founder Ray Dalio and his wife are committing $250 million to support children in Connecticut from lower-income areas [2] - The Dalios' commitment follows a $6.25 billion pledge from Michael and Susan Dell to invest in the accounts of 25 million children nationwide [3] Investment Accounts Overview - The investment accounts were established under President Trump's tax and spending legislation, which includes a $1,000 deposit from the U.S. Treasury for children born during Trump's second term [4] - Contributions to each Trump Account can reach up to $5,000 annually starting July 4th, coinciding with the nation's 250th anniversary [5] - The Treasury will create accounts for every child with a Social Security number, with private companies managing these accounts [6] Investment Strategy and Usage - Funds in the accounts must be invested in an index fund that tracks the overall stock market, with withdrawals allowed at age 18 for education, home purchase, or business startup [7] - The administration aims for employers, family members, and philanthropists to contribute to these accounts, with hopes that states will also establish investment programs [7]