Tech billionaire Elon Musk is making bold predictions about the impact that artificial intelligence and humanoid robots will have on society in the not-too-distant future.

Speaking at the U.S.-Saudi Investment Forum Wednesday, Musk claimed that work will become optional for human beings, poverty will be eliminated and monetary currency will be "irrelevant."

“In the long term, maybe 10 to 20 years, my prediction is work will be optional,” Musk said, sparking applause from the audience. “It will be like playing sports or a video game.”

Musk told the audience his Tesla company is going to make the first "useful humanoid robots," which he predicted would be "quite a revolution."

"I imagine robots will actually eliminate poverty," Musk said at the U.S.-Saudi Investment Forum held at the Kennedy Center, saying that robots are one way to "make everyone wealthy."

Musk was making his first public-speaking appearance since leaving the White House in May, when he stepped down as the head of the Trump administration’s Department of Government Efficiency.