Elon Musk, the world’s richest person, has recently expressed his disagreement with a plan to provide $1,000 baby bonuses to children born between 2025 and 2028. The plan, which aims to help fund accounts for these children, has garnered support from several billionaires, including Michael Dell and Ray Dalio. However, Musk has taken a different stance, arguing that there will be no poverty in the future and therefore no need to save money.
Support from Billionaires
Several billionaires have pledged their support for the plan, including:
- Michael Dell, who has pledged $6.25 billion to help fund accounts for 25 million U.S. children aged 10 and under
- Ray Dalio, who has announced that he will match the $250 donations from the Dells for children in Connecticut
- Treasury Secretary Scott Bessent, who has launched a “50 State Challenge” to inspire billionaires in every state to partner on the Trump accounts
Musk’s Potential Contribution
As the world’s richest person, Musk could significantly contribute to the plan. With a current wealth of $644 billion, he could match the $1,000 seed for Trump accounts for the next four years with $14.4 billion. After matching the total, Musk would still be worth $629.6 billion and remain the world’s richest person by a significant margin.
Retaining Wealth
Even after donating the funds necessary to match the $1,000 for all the children born in the United States from 2025 to 2028, Musk would retain 97.8% of his wealth. He would still be worth more than Jeff Bezos, Mark Zuckerberg, and Bill Gates combined.
Universal High Incomes
Musk has argued for universal high incomes in the past, believing that items like AI and robotics can help people stop working in the future. He has also stated that the Optimus humanoid robot from Tesla could be worth 80% of the company’s future value and help the company trade at a valuation of more than $20 trillion in the future.
Conclusion
In conclusion, while Musk has expressed his disagreement with the plan, his fortune could easily withstand the cost of providing $1,000 baby bonuses to children born between 2025 and 2028. With his significant wealth and potential for future growth, Musk’s contribution could make a substantial impact on the plan. However, it remains to be seen whether he will change his stance and decide to support the initiative.
Key Statistics
- Musk’s current wealth: $644 billion
- Potential contribution: $14.4 billion
- Retained wealth after contribution: $629.6 billion
- Percentage of wealth retained: 97.8%