Micron to contribute $250 million to new child investment accounts
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Micron announced a $250 million investment in the administration's newly created child savings accounts, using an employee-matching program and one-time deposits in several states.
Micron, a U.S. memory-chip manufacturer, said it will provide $250 million to the federal government’s "Trump accounts," a child-focused investment vehicle established by last year’s tax legislation. The company plans to match employee contributions of up to $1,000 per child and to make a one-time $250 deposit for children in counties where Micron operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas, aiming to reach up to one million beneficiaries.
The accounts, which can be opened for any child under 18 with a Social Security number, allow contributions from individuals, employers and others to grow tax-free, similar to individual retirement accounts. They are slated to become available on July 4.
"At Micron, we believe investing in people is as important as investing in technology," said Sanjay Mehrotra, Micron’s chief executive, in a statement announcing the contribution.
The announcement follows other large donations to the program, including a $6.25 billion pledge from Michael and Susan Dell aimed at children in lower-income ZIP codes. Micron’s investment comes amid strong demand for its products driven by the artificial-intelligence boom, which recently pushed the company’s market value above $1 trillion.
