While the idea part is awesome, trying to make it work is actually a trouble. If it was that easy, all the rich people in the world would stay rich, and no rich person would ever become poor. But, we have lived in a world where rich people get poor all the time, and even bankrupt. So that means, money doesn't make money for all, but only for some. And when you look at the wealthiest people, how many got rich with just money?
Or was it mostly business that made them rich? Elon Musk is rich, thanks to companies he built or help build or tookover, like Tesla, Paypal, SpaceX and more. Mark Zuckerberg got rich, thanks to building facebook and then growing by buying more companies, Jeff Bezos got rich thanks to building Amazon, Larry Ellison? Oracle. Bernard Arnault? Louis Vuitton and other similar textile companies. Only one I can think of that made money with money, is Warren Buffet.
Even if you are rich you have to work hard to retain that status. Like you gave example of Elon Musk, he is rich because of companies he built over the years but he still has to work to make sure these companies continue to remain in profit. If Musk and other rich people stop looking after their companies or businesses then they will go down in value. In theory it might sound good that money works for you but in real life we have to work hard or smart not only to earn money but also to retain it.