Nobel-winning economist challenges Musk: $1 trillion pledge over 'money won't matter' claim

Prof. Daron Acemoğlu, a Nobel Prize-winning economist at the Massachusetts Institute of Technology (MIT), responded on social media to comments by Tesla and SpaceX CEO Elon Musk about artificial intelligence and the future of the economy.

Referring to Musk's assertion that "money will lose its importance by 2036," Acemoğlu challenged the billionaire businessman to commit to donating his roughly $1 trillion fortune to charity by that year at the latest.

"It would show your faith in technology"

Posting on X, Acemoğlu wrote:

"If money is really going to lose its importance by 2036, commit to donating your roughly $1 trillion fortune to charity by 2036 at the latest. That would be a powerful demonstration of your faith in technology."

Acemoğlu argued that such a pledge could also reassure a public wary of the economic and political influence wielded by billionaires.

"Recipient organizations should be chosen independently"

The economist stressed that the choice of charitable recipients also matters.

Acemoğlu said the organizations receiving support should be vetted by independent, impartial bodies.

Musk: I'll do something similar

Musk replied to Acemoğlu's post shortly after, saying: "I will actually do something like this."

He gave no details on the scope of any donation plan, how much of his fortune he might give away, or under what conditions it would happen.

The debate began with Musk's remark that "money won't matter"

Speaking on the "Moonshots with Peter Diamandis" podcast, Musk had argued that advances in artificial intelligence and robotics would dramatically boost production and could usher in an economy of abundance.

Musk said that under such a scenario, saving for retirement would become meaningless, everyone could eventually have access to something like a "universal high income," and money would largely lose its present-day significance.

Source: CNBC-e