His comment is being seen as a response to billionaire investor Ray Dalio’s support for “Trump Accounts,” a proposed initiative to create investment accounts for newborns and young Americans.
Elon Musk
New Delhi: Billionaire Elon Musk said on Thursday that while the upcoming "Trump Accounts" initiative is a good idea, he believes that due to the rise of universal high income, there will be no need to save money in the future.
His comment is being seen as a response to billionaire investor Ray Dalio's support for "Trump Accounts," a proposed initiative to create investment accounts for newborns and young Americans.
'Money will become worthless at some point'
Musk has previously said that advancements in artificial intelligence and robotics will eventually eliminate poverty and reduce the need for traditional work, leading to widespread wealth and financial stability. He has also suggested that if AI and robotics continue to improve productivity on a large scale, money will eventually become worthless, just like oxygen is freely available everywhere.
Praising Dalio's move, he wrote on X, "This is certainly a good move by Dalio, but in the future, there will be no poverty, and therefore no need to save money. Everyone will have a very high income."
Skepticism about Musk's claims
Despite these claims, Musk's statements are being met with skepticism on social media, with many users pointing out the vast difference between his $600 billion net worth and his advice to others not to save money. Some have also questioned the purpose of production in a world where everything is free.
