Elon Musk follows Africa’s richest man’s playbook with $10.5 billion SpaceX share giveaway to American children

Elon Musk like Dangote offers American children $10.5b stake in SpaceX

The world’s richest man, Elon Musk, has pledged to give every child in the United States a share in his aerospace company, SpaceX, in a move that echoes earlier initiatives by Africa’s richest man, Aliko Dangote, to extend corporate ownership to millions of Nigerian women and students.

• Musk’s pledge could benefit around 72 million American children with an estimated value of $10.5 billion, though details on distribution and eligibility remain unclear.
• Elon Musk has announced plans to give every child in the U.S. one SpaceX share, inspired by similar initiatives from Africa’s richest man, Aliko Dangote.
• Another initiative from Dangote targets up to four million Nigerian tertiary students, aiming to boost financial literacy and investment opportunities.
• Both Musk and Dangote are promoting wealth creation by expanding company ownership beyond traditional investors, though their approaches and target demographics differ.

Musk announced the plan on October 19, 2026, weeks after Dangote unveiled programmes to help two million vulnerable Nigerian women and potentially four million tertiary students acquire shares in his $20 billion oil refinery.

“Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many,” Musk wrote on his social media platform X.

The proposed giveaway could benefit about 72 million American children, with an estimated value of $10.5 billion based on the reported SpaceX share price of $146.03.

However, Musk has yet to disclose how the shares will be distributed, who will qualify or when beneficiaries will receive them.

Dangote’s initiative targets two million Nigerian women

Musk’s announcement comes nearly a month after Dangote launched a programme in September 2026 to help two million vulnerable Nigerian women acquire shares in Dangote Petroleum Refinery and Petrochemicals.

Through the Aliko Dangote Foundation, the initiative targets widows, conflict victims and other disadvantaged women who have traditionally faced barriers to investment opportunities.

“We are partnering with state governments to ensure that widows and other vulnerable women are able to buy shares in the refinery,” Dangote said during the 81st United Nations General Assembly in New York.

“Beyond enabling them to buy shares, the Foundation will also support them by donating additional shares that they can hold as savings for the future,” he added.

The programme has since made progress, with the foundation announcing on October 19 that it had identified 777,907 potential beneficiaries across 15 Nigerian states.

Under the Women Share Subscription Grant Initiative, participating state governments will fund 10 refinery shares per beneficiary, while the foundation will provide another 10, bringing the total allocation to 15.56 million shares..

Four million Nigerian students could also benefit

Dangote has also introduced a separate share ownership programme targeting up to four million students in Nigerian tertiary institutions.

Under the Aliko Dangote Foundation’s Student Share Grant Initiative, eligible students aged 18 and above who purchase at least 10 refinery shares through a designated subscription platform can qualify for an additional 10 shares funded by the foundation.

Musk and Dangote pursue similar wealth creation strategies

Although the pledges were made under different circumstances, they reflect a shared approach to wealth creation by two billionaires who rank as the richest individuals globally and in Africa, respectively.

While Dangote’s programmes target vulnerable Nigerian women and tertiary students, with eligible students required to purchase shares to qualify for additional free shares, Musk proposes giving shares directly to American children.

Emphasising the importance of early investment, Dangote said: “When young people understand ownership and investment early, they are better positioned to make informed financial choices, build wealth responsibly and contribute more actively to economic development.”

Musk expressed a similar view, stating: “I recommend giving the shares directly to the public,” before affirming: “This is what I will be doing.”

Credit: Business Insider Africa