U.S. Senator Bernie Sanders has thrown down the gauntlet to billionaire Elon Musk. Sanders challenged the Tesla and SpaceX CEO to support a 5% wealth tax on billionaires, citing Musk's own prediction that money will become irrelevant by 2036.
The Vermont senator posted on X platform that a 5% tax on billionaire wealth would help ensure "a decent standard of living for all Americans." This challenge comes in response to Musk's recent interview with The Economist, where he boldly forecasted that "money will no longer matter in 2036."
Musk had argued that if artificial intelligence and robotics can produce goods and services at a rate outpacing human consumption capacity, the importance of money could significantly diminish. When asked about how displaced workers would survive, Musk suggested direct cash payments to citizens. He added that if the growth of goods and services outpaces money supply, the economy might face deflation rather than inflation.
Musk's remarks have also caught the attention of a Nobel laureate. On Monday, 2024 Nobel Economics Prize winner Daron Acemoglu publicly called out Musk, asking if he would dare donate his reported $1 trillion fortune to charity. Acemoglu posted on X: "A proposal for Elon Musk. This is a chance to put words into action. If money will be irrelevant by 2036, why not commit to donating your current ~$1 trillion in assets to charity by 2036 at the latest? This would be a powerful demonstration of your confidence in AI and technology."
Acemoglu further noted that such a move could reassure people worldwide who are concerned about the political and social influence wielded by billionaires and trillionaires. He added: "The chosen charities should be vetted by neutral institutions to ensure they operate efficiently and without ideological bias."
Musk's response was somewhat unexpected. He replied to Acemoglu, stating: "I do intend to do something like that!"
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