Elon Musk Suggests He Will Donate Most of His Fortune to Charity

The world’s richest person suggested that he eventually wants to give away nearly all of his wealth to charitable causes. The billionaire made the remark after Nobel laureate Daron Acemoglu publicly challenged him to back up his optimistic vision for artificial intelligence with tangible actions.

The Economist’s Challenge and Musk’s Response on X

For years, Musk has argued that money will eventually lose its meaning. He contends that artificial intelligence and robots will eventually produce nearly all goods and services, stripping currency of its function as a medium of exchange. According to Musk, the only true scarcity left in that future will be energy.

Acemoglu, an economist at the Massachusetts Institute of Technology and winner of the 2024 Nobel Prize in Economic Sciences, proposed that Musk donate his entire fortune to charity by 2036. The economist argued that such a donation would prove Musk genuinely believes in his own vision of the future and alleviate public concerns over the growing influence of billionaires.

Acemoglu suggested that an independent organization could decide which effective and politically neutral charities receive the funds. Hours later, Musk replied on the social media platform X.

Elon Musk responded that he is actually planning to do something similar.

The entrepreneur provided no further elaboration.

SpaceX Share Slump Triggers Trillionaire Status Loss

The exchange arrived just as Musk’s net worth experienced a sharp contraction. Forbes reported that Musk lost his trillionaire status after sliding SpaceX shares lowered his fortune by more than $50 billion. Shares of SpaceX dropped 6.2% on a Wednesday afternoon, reversing a nearly 12% jump over the previous three trading sessions.

A further decrease in the rocket maker’s share price cut Musk’s net worth down to $994.1 billion. Musk holds 4.8 billion SpaceX shares along with 350 million stock options carrying an exercise price of $8.40 per share. His fortune had previously peaked at $1.45 trillion a week after the company’s initial public offering, but subsequent drops erased more than $300 billion from his net worth.

Despite the decline, Musk retains a commanding lead as the world’s wealthiest individual. He sits well ahead of Google cofounders Larry Page, valued at $292.7 billion, and Sergey Brin, valued at $270 billion.

Analyst Optimism Amid Financial Fluctuations

Financial markets continue to react to the shifting valuation of Musk’s corporate portfolio. Wedbush Securities analyst Dan Ives initiated coverage of SpaceX with a bullish outlook, calling the rocket manufacturer one of the most distinctive assets in the technology market.

Wedbush Securities established a $190 price target for SpaceX shares. Ives noted that the firm is well-positioned to become a major hyperscaler across connectivity, rocket launches, and artificial intelligence infrastructure.

Musk also lost ground earlier when Forbes removed $116 billion of restricted Tesla stock from his net worth estimates. That adjustment followed Tesla’s decision to replace his 2018 CEO performance award with a new package that pays out only if Musk stays in a senior leadership role through January 2028.