Musk predicts AI will create 'universal high income' and make saving money unnecessary

Billionaire Elon Musk on Wednesday said that while the Trump accounts that are set to launch next year are a nice gesture, he doesn't think saving money will be necessary with "universal high income" set to prevail in the future.

Musk replied to a post by investor Ray Dalio, who announced he was following Michael and Susan Dell in donating funds to help seed so-called Trump accounts, which are new savings and investment accounts created by the One Big Beautiful Bill Act for newborns and young Americans.

"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," Musk wrote in a post on X, his social media platform. "There will be universal high income."