Elon Musk says AI will eventually create a situation where 'no job is needed'

Tech mogul Elon Musk said this week that artificial intelligence will eventually become so advanced it will eliminate the need for humans to work, and revealed his own AI company is already making progress in the field.

"I think we are seeing the most disruptive force in history here," Musk said during a sit-down with U.K. Prime Minister Rishi Sunak at the inaugural AI Safety Summit in London on Thursday.

Over the course of two days, tech and business executives and world leaders — including Vice President Kamala Harris — discussed the future of AI, regulation and safety issues associated related to the advanced technology. Nearly 30 countries including China and the European Union signed the Bletchley Declaration, which recognizes potential risks associated with AI.

"We will have for the first time something that is smarter than the smartest human," Musk added.

Musk said, "It's hard to say exactly what that moment is, but there will come a point where no job is needed."

"You can have a job if you want to have a job — sort of personal satisfaction — but the AI will be able to do everything," the billionaire Tesla CEO added.

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Musk, who co-founded OpenAI but has since parted ways with the Microsoft-backed ChatGPT creator, has long been outspoken about the power AI could have in the future, raising concerns that the new technology could threaten humanity. He is a proponent of regulating AI, which he reiterated to Sunak during the question-and-answer session.

But the lack of guardrails surrounding AI has not stopped Musk from developing his own generative AI models to compete with those already available for commercial use, including chatbots ChatGPT and Google's Bard.

WHAT IS CHATGPT?

Musk announced Friday on X that his newly-formed AI firm xAI will "release its first AI to a select group" on Saturday.

The billionaire added, "In some important respects, it is the best that currently exists."

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Musk indicated earlier this year that his own version of a "maximum truth-seeking" AI chatbot could be coming, which he dubbed "TruthGPT." However, he did not reveal in his Friday post what xAI's first model will be named.

FOX Business' Aislinn Murphy contributed to this report.