Altimeter Capital’s Gerstner backs Trump accounts for kids in Indiana

Altimeter Capital CEO Brad Gerstner announced the commitment to create Trump accounts on Wednesday. investment account for kids, for kids in his hometown of Indiana.

“I’m going to donate dollars to kids in Indiana,” Gerstner, the hedge fund manager who spearheaded the Trump administration’s savings drive, said on CNBC Wednesday morning. He said the money was intended for children under five.

Approximately 406,000 children under age 5 live in Indiana, according to the Census Bureau’s most recent population survey for 2024.

Gerstner also expressed his commitment to promoting Trump accounts, also known as Section 530A accounts, during his summit with President Donald Trump and Treasury Secretary Scott Bessent on Wednesday. He did not offer additional details about the size of the donation or who exactly would qualify.

Gerstner joins billionaire hedge fund manager Ray Dalio of Bridgewater Associates and Dell Technologies founder and CEO Michael Dell and his wife, Susan, who previously announced their commitments.

“We have philanthropists in every state that will lay claim,” Gerstner said on CNBC on Wednesday.

All children born in the U.S. between 2025 and 2028 are already eligible for an initial $1,000 Trump account deposit from the Treasury, which parents can choose to do when they open the account.

Children ages 10 and under who were born before January 1, 2025, and who do not qualify for the $1,000 seed money will be able to receive a $250 contribution from the $6.25 billion endowment from Michael and Susan Dell.

Dalio’s donation will fund $250 per child for eligible children in Connecticut. This money will go to children living in a zip code where the median income is less than $150,000. About 87% of Connecticut zip codes meet that criteria, according to a CNBC analysis of Census Bureau data.

At a White House press conference last month, Bessent said other donors could announce similar gifts as part of the “50-state challenge.”

During Wednesday’s summit, Texas Republican Senator Ted Cruz said his state also “plans to allocate $1,000 to each account.” He did not give further details.

A growing list of companies, including JPMorgan Chase, Bank of America, Intel, Chime, SoFi, Charter Communications, BNY, BlackRock, Investment Company Institute, Robinhood and Charles Schwab, have announced they will match the federal $1,000 contribution for employees’ children.

Also Wednesday, rap artist Nicki Minaj promised a contribution that could benefit her fans.

Bessent said 600,000 families have signed up for Trump accounts since the official start of tax season on Monday.

This is an evolving story. Please check back for updates.