Treasury Secretary Scott Bessent announced on Wednesday that hedge fund manager Ray Dalio will join Michael Dell in personally donating to the “Trump accounts,” an investment facilitation program set up for every U.S. citizen child born between Jan. 1, 2025, and Dec. 31, 2028.

The program, which was supplemented by a $6 billion donation by Dell and his wife, will see the federal government make a $1,000 investment in the account of every eligible child. Parents will then be able to make contributions to the accounts, capped at $5,000 per year, along with employers and other private donors.

Bessent hosted reporters and stakeholders at the Treasury Department on Wednesday morning to launch the new “Trump accounts” website, where he announced that Dalio would be the first philanthropist to donate under the administration’s “50 State Challenge.” The initiative will aim to secure major donors for the accounts in every state, with Dalio’s commitment serving as a direct supplement to accounts for children born in Connecticut.

“Ray has made the first move, but we welcome other governors and foundations in Connecticut and across the country to join him,” Bessent said. “Given the amazing level of interest and the generous donations we’ve seen so far, I’m confident we will see many more donations, contributions pouring in.”

Dalio confirmed the donation in a statement on X shortly after Bessent’s announcement.

“My wife, Barbara, and I believe strongly in the importance of equal opportunity. I have been fortunate to live the American Dream. At an early age I was exposed to the stock market, and it changed my life,” he wrote. “By providing children with savings accounts that compound over time we are providing them with early insights into financial literacy and a path towards financial independence. I applaud President Trump, [Bessent], the Dell Family and many others who have spearheaded this initiative.”

In his statement, Dalio, the founder and manager of Bridgewater Associates, committed to providing a $250 contribution for “approximately 300,000 children in our home state of Connecticut,” totaling roughly $75 million.

During a Q&A session with reporters following his Wednesday remarks, Bessent claimed not to have seen an exact dollar amount for Dalio’s donation. However, he said he expected it to be “about $100 million.”

The Washington Examiner later asked Bessent if he was disappointed that Dalio’s commitment, as outlined in his statement, fell below the $100 million mark and whether the administration would ask him to increase his donation.

“Well, I read Bridgewater is having a good year, so,” Bessent responded with a shrug, eliciting laughs from the room.

Unlike many of Trump’s economic policies, the “Trump accounts” have been positively received by Democratic lawmakers and progressives. However, some on the Left are pressuring the administration to expand the federal government’s contributions to the accounts, specifically for families who won’t be able to maximize their annual contributions.

When asked if the administration is considering that proposal, Bessent initially criticized Democrats but ultimately left the door open to a possible expansion of government contributions to the accounts.

“I find it rich that Democratic lawmakers, who had the trifecta [during former President Joe Biden’s first two years in office], never did this,” he told the Washington Examiner. “Why don’t they let us get them up and running? We’ve got four years, and then we’ll see where it goes.”

You can watch Bessent’s comments in full below.