Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk doubled down on claims about money becoming obsolete in the future with the advent of artificial intelligence (AI) and Robotics.
AI/Robotics Will Eliminate Scarcity
On Monday, a user, Scott Adams, quoted a post on X that detailed President Donald Trump‘s Treasury Secretary Scott Bessent‘s efforts to get more companies to invest in the President’s “Trump Accounts” initiative, aiming to provide capital to children when they turn 18. “Will money have value when the kids turn 18?” Adams asked in his post.
Responding to the question, Musk shared his thoughts. “Civilization will either be gone or AI/robotics will eliminate scarcity,” Musk said in his response. The billionaire ended the post by saying that “money won’t matter.”
Trump Accounts Compliance Woes
The comments come amid concerns expressed by experts for parents opting to enroll in the initiative, warning that a hidden fine print for the initiative would lead to a tax filing only reserved for the ultra-wealthy. Experts warn that the contributions made by parents after the initial seed capital from the federal government lack a crucial exemption from federal gift tax laws.
Meanwhile, Michael Dell, founder of Dell Technologies Inc. (NYSE:DELL), along with his wife Susan Dell, has pledged over $6.25 billion in grants to fund the Trump-branded investment accounts for children.
Elon Musk’s $56 Billion Pay Package
Musk was handed a major boost by the Delaware Supreme Court after it ruled in favor of restoring the billionaire’s $56 billion pay package from 2018. The court reversed an earlier judgment, which had blocked the pay package.
The package strengthens Musk’s position as the CEO of the automaker, with Musk gaining over 18.1% of Tesla’s expanded share base if he chooses to exercise all stock options under the 2018 compensation plan. Musk’s trillion-dollar pay package also received approval from investors.
Tesla scores well on the Momentum metric, while offering satisfactory Growth and Quality, but poor Value. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: According to Benzinga Pro data, TSLA jumped 1.56% to $488.73 at market close. It further surged 0.26% to $489.99 during the after-hours session.
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