United Kingdom, Aug. 3 -- Sam Altman doesn't believe AI can solve economic inequality.

Elon Musk, Altman's tech rival and the owner of X, recently suggested that AI will, one day, make money obsolete - but Altman doesn't agree with that idea.

The 41-year-old billionaire - who is the CEO of OpenAI - told TMZ: "I mean, certainly one of the greatest concerns with AI that I have is around concentration of power, concentration of wealth.

"There are all of these ways where I think it will make a lot of things much cheaper and better, and you don't have to buy a car, and that'll be great."

Despite this, Altman insisted Musk is wrong about the long-term impact of AI.

He said: "There are many reasons to think it won't just magically solve wea...