Mentioned:
There’s a new type of investment account for children coming to America. And Robinhood is the first brokerage getting involved.
What’s happening:
- The Trump Accounts mobile app has officially launched on iOS and Android in the United States of America
Why it matters:
- Trump Accounts are a new tax advantaged investment account for children in America and are being initially seeded with $1,000 USD from the United States Treasury per child once an account is opened
Going deeper:
- Robinhood (NASDAQ: HOOD) co-developed the Trump Accounts mobile app and is the initial trustee chosen by the United States Treasury to run the investing of Trump Accounts through low-cost index funds
- Robinhood will manage all the assets in Trump Accounts held on its platform and will automatically invest new contributions into low-cost index funds that provide exposure to stocks in the United States
The intrigue:
- Trump Accounts were initially a policy concept known as Invest America which was led by legendary Silicon Valley venture capitalist and founder of Altimeter Capital Brad Gerstner
