President Donald Trump encouraged Americans to purchase Dell computers on Monday, a statement that coincided with a significant jump in Dell Technologies' stock price. Shares of the Texas-based technology company climbed as much as 7.8% in intraday trading following the president's remarks.
Trump's comments were made during an event in the Oval Office marking the launch of Trump Accounts, a savings account initiative for children. He praised Dell founder Michael Dell and his wife, Susan Dell, for their backing of the program. The couple has pledged more than $6 billion to support the Trump Accounts initiative, which officially launched on July 4.
"Michael and Susan Dell, they are truly incredible," Trump said. He also mentioned his own investment in Dell stock, noting that his accounts purchased between $1 million and $5 million of Dell shares in February.
The Trump Accounts program aims to provide tax-advantaged investment accounts for children. The government has deposited an initial $1,000 into over 500,000 of these accounts, according to the president. The program includes a one-time Treasury Department contribution of $1,000 for babies born between 2025 and 2028, with companies able to make additional contributions.
Michael Dell, whose net worth places him among the world's wealthiest individuals, has described the initiative as a means to give American children a financial stake in the nation's future. He stated on social media that the program makes "every child a shareholder in the greatest prosperity-creating engine the world has ever known — American capitalism."
The White House event drew a number of prominent figures from Wall Street and the administration, including Treasury Secretary Scott Bessent, SEC Chairman Paul Atkins, New York Stock Exchange President Lynn Martin, and Intercontinental Exchange CEO Jeffrey Sprecher. Altimeter Capital founder Brad Gerstner, whose foundation has supported the program, and Senator Ted Cruz also attended.
A range of companies, including Goldman Sachs, Morgan Stanley, BlackRock, JPMorgan Chase, Robinhood, and Intel, along with News Corp., have pledged to match the government's $1,000 contribution for eligible employees' children. Robinhood CEO Vlad Tenev and SpaceX President Gwynne Shotwell have also expressed support for the initiative, with Shotwell announcing a plan to donate SpaceX stock to Trump Accounts for over two million children nationwide.