Space Exploration Technologies Corp. (NASDAQ:SPCX) and Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has, on multiple occasions, said that the advent of artificial intelligence (AI) and robots would render money useless in the future. Now, Musk has hinted he could donate his fortune after a Nobel Prize winner asked him to back up his beliefs.
Daron Acemoglu Challenges Elon Musk
On Monday, Daron Acemoglu, an economist and a recipient of the 2024 Nobel Prize in Economics, shared a video that contained an excerpt of Musk’s interview with The Economist. “Money won’t matter in 2036,” Musk can be seen saying in the interview.
Acemoglu proposed a “pledge” for Musk in his post on X, saying that it was an opportunity for Musk to put his money where his mouth is. “If money won’t matter in 2036, why don’t you pledge to donate your current wealth of approximately $1 trillion to charity no later than 2036,” he said.
He also said that the move would help establish credibility for AI and “assuage many people around the world who are worried about the political and social influence of billionaires and trillionaires.”
Acemoglu’s post was also quoted by the former International Monetary Fund deputy director Gita Gopinath. “If money does not matter in 2036 he may not have a trillion to give away. That then begs the question: why is it worth a trillion today?” Gopinath said in her post.
Notably, Musk’s fortune dropped below $1 trillion and currently stands at around $709 billion, according to the Bloomberg Billionaires Index. Musk’s fortune declined following downward trends in both SpaceX and Tesla shares.
Elon Musk Drops Philanthropy Hint
Acemoglu’s post was quoted by author Gad Saad, which prompted a response from Musk. “I am actually going to do something along these lines!” The Tesla CEO said in his reply.
Elon Musk Bullish on AI?
The billionaire, during an appearance at a summit earlier this year, predicted that AI and humanoid robots would become so productive that scarcity would disappear. He has also said that AI would enable a universal high income for people.
However, Musk has received criticism from economists and leaders for his comments. Economist Sanjeev Sanyal who rejected his claims back in April this year, saying that the advent of AI was certain to cause job losses and that the technology would not deter inflation.
Sen. Bernie Sanders (I-VT) also criticized Musk’s comments about universal income, saying that how will the government issue money to people because of increased productivity when Musk cannot support a wealth tax on his multi-billion-dollar fortune.
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