Tesla CEO Elon Musk predicts a future without poverty, says ‘no need to save money’

Tesla CEO Elon Musk has predicted that “there will be no poverty in the future”. Instead, he said that there will be universal high income. The tech billionaire also said that people would no longer need to save money. Elon Musk was responding on X (formerly Twitter) to a post by investor Ray Dalio about the newly announced Trump accounts initiative. Dalio had praised the effort, calling it a bipartisan move aimed at helping young Americans build financial knowledge and invest early. He also thanked Michael and Susan Dell for supporting the programme and said the initiative aligns with the ideas he shared six years ago in “Why and How Capitalism Needs To Be Reformed.”


In the post, Ray Dalio wrote that the Trump accounts are valuable because they introduce young people to basic financial skills and help them understand how markets and companies operate. He added that financial literacy and the ability to manage money well are essential for a strong economy, and that he plans to support both the accounts and related education efforts.


Replying to Dalio’s message, Musk said: “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.”


However, Elon Musk did not elaborate on how such a system would be achieved. The comments come amid separate discussions Musk has previously led about artificial intelligence, automation and the long-term economic effects of technology.

Not a first when Elon Musk called money ‘irrelevant’

This is not the first time when Elon Musk has shared his views on the relevance of money in the future. Speaking at the U.S.-Saudi Investment Forum in Washington, D.C last month, Musk said that “assuming there’s a continued improvement in AI and robotics, which seems likely—money will stop being relevant.”



He then also said that in the next 10 to 20 years, work will be optional. “My prediction is that work will be optional. It’ll be like playing sports or a video game or something like that,” Elon Musk said.


“If you want to work, [it’s] the same way you can go to the store and just buy some vegetables, or you can grow vegetables in your backyard. It’s much harder to grow vegetables in your backyard, and some people still do it because they like growing vegetables,” he stated.