'No Need to Save Money': Richest Man on Earth Elon Musk Says Money Will Soon Become Irrelevant

Nearing trillionaire status, Elon Musk had some bizarre remarks on the upcoming 'Trump Accounts' initiative. The Tesla CEO said saving money 'may become unnecessary' in the future, thanks to the rise of universal high income.

Musk's response came after billionaire investor Ray Dalio showed support for 'Trump Accounts', which is going to be built as a seed investment for newborns and young Americans.

In an X statement, Musk replied to Dalio's statement, 'It is certainly a nice gesture of the Dells, but there will be no poverty in the future, and so no need to save money. There will be universal high income.'

Musk's Prediction on Work and Poverty

While ordinary people were scurrying to upskill so AI wouldn't replace their jobs, Musk had a different point of view.

According to the Tesla CEO, advancements in AI and robotics will eliminate poverty and reduce the need for work. Meaning, anyone can now work on an optional basis. With this, he believes people can live in financial stability and widespread wealth. He further explained that because AI and robotics will keep improving productivity, money would be as useless as oxygen, since everyone would have it.

Following these statements, Musk's tweets have been met with disbelief by the public, who have on several occasions referred to his unimaginable net worth as an example of how he hypocritically advises that the rest of us couldn't afford in the first placet place.

A few others raised questions about why produce things if there will still be a world where you can get them for free.

According to comments shared by NDTV, a user remarked that 'Eliminating poverty is a technological issue at its core. However, the human mind becomes accustomed to things very quickly. Relative poverty may be eliminated, but as long as humans exist, I suspect the poverty mindset will exist forever'.

On his universal income argument, users also argued that the 'goal post' for 'high' keeps shifting. 'For example, the quality of life considered "poor" in America has moved quite in a bit in one century', an X user replied.

Others were also dismissing his prediction, stating he shouldn't have asked for a trillion-dollar package if he thinks money will soon become irrelevant.

Recently, Musk achieved a feat no one in the world had done: becoming the first person ever to have a net worth of £450 billion ($600 billion). With SpaceX likely to go public, it could even reach £475.8 billion ($638 billion), making his trillion-dollar pay package possible at the earliest.

Musk's 'Saving Money' Remark on Trump Accounts

The Trump Accounts federal initiative gives American newborns a financial headstart. Designed to grow over time, young adults can safely fall into this 'financial cushion' once they reach legal age.

For the Trump administration, the goal is to promote 'long-term savings' and investment habits from birth. This could help cover major life expenses, like college or buying a home. Supporters of the initiative were elated by the programme, saying it could provide children with financial security.

The whole concept, unfortunately, is not what Musk's foreseeable future holds: saving money is no longer needed.