Elon Musk says that money may one day no longer have meaning and that the vast majority of its wealth will likely be gone within a few generations.
The world’s richest person predicted that advances in robotics and space travel would create a multi-planetary economy, in which case “money would no longer matter” and “conventional currency would no longer matter.”
Value will be measured in mass and power or energy, he continued. “So that’s what I’m guessing,” he said, adding that it seemed a “pretty obvious” outcome to him.
The Tesla and EspaceX The CEO shared his vision for a post-money future and his outlook on his personal fortune with his biographer, Walter Isaacson, on “The Builders” podcast. The interview was recorded in early August and published on Tuesday.
Musk recommended earlier this year that people stop saving for retirement in 10 or 20 years, as he expects AI and other technologies to boost productivity and usher in an era of abundance where people can have “whatever they want.”
He made a similar argument to Isaacson, saying “there won’t be anything that humans can do that AI and robots can’t do better.” People will likely turn to hobbies like growing their own fruits and vegetables or creating art to find purpose in life, he said.
Musk’s plans for his own money
Musk, who briefly became a billionaire after SpaceX’s June IPO, topped the Bloomberg Billionaires Index as of Monday’s close with an estimated net worth of $920 billion.
He defended his personal wealth on the podcast, saying it primarily reflects his ownership of SpaceX and Tesla, and that he needs significant stakes in both companies to retain voting rights and remain in charge.
His fortune “is going to be taxed pretty heavily,” Musk said, adding that there is no “magic way to avoid taxes” because “if there was, I would know.”
Musk said his wealth “will be reduced and in a few generations – if money still matters, which I don’t think it will – my descendants will only have a tiny fraction of what I have.”
He also explained what he hopes his foundation will spend his fortune on after he leaves: “Pursuing the goals. Making life multiplanetary, extending consciousness to the stars, improving sustainable energy on Earth.”
Musk notably pledged Monday to give a share of SpaceX to every child in the United States next year, a contribution worth more than $10 billion today.
His announcement received praise from President Donald Trump, who praised Musk’s “incredible generosity” and called him a “legendary friend” in an X-rated post.
Musk announced a charitable commitment in late July after Nobel Prize-winning economist Daron Acemoglu publicly challenged him over his prediction of a post-money future.
“If money doesn’t matter in 2036, why don’t you commit to donating your current wealth of around $1 trillion to charity no later than 2036,” Acemoglu wrote on X.
“Actually, I’m going to do something along those lines!” Musk replied.
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