Elon Musk says "you can have whatever you want" income could replace saving

Elon Musk’s net worth has fallen roughly $750 billion from its June peak of $1.45 trillion, dipping below $700 billion in late July after SpaceX shares plunged 50% and Tesla posted weak earnings. On July 24, Musk posted “(Former) Trillionaire” on X, acknowledging the drop. Days earlier, in an interview at Tesla’s Texas Gigafactory, he predicted that AI and robotics would soon make currency irrelevant, arguing that by 2036 goods and services would be so abundant that money “won’t matter.” He has also said a future “universal ‘you can have whatever you want’ income” could replace saving. The same week his fortune cratered, Musk rolled out X Money, a digital wallet with a Visa debit card, as part of X’s push to become an “everything app.” Critics note that even if AI eliminates scarcity, political choices will determine whether gains are shared.