Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’
Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’
Musk wants your “entire financial life” on his platform.
“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Well that sounds terrifying!
There are going to be a lot of people saying how stupid this entire concept is in the comments.
Let me tell you something, as a person who spent years in finance. There's no fucking chance on Earth this happens. You will win the Powerball twice consecutively before Musk pulls this off.
None of this infrastructure exists in X and all of this infrastructure is exactly the kind of shit Musk hates. Automobile regulations are fucking nothing compared to financial regs.
Adoption aside, which you'd have to be fucking insane to adopt this platform as a payments platform, the regs alone will ensure this never, ever, materializes.
What Musk describes will someday exist. He will not be involved, and the day is well over a decade away.
This is "Kanye West running for President" level of stupidity. The people close to him have let him down by not telling him how stupid this is.
Oh boy, if Elon Musk has trouble dealing with regulators and oversight agencies when managing his car company or his social media company, imagine what a wakeup call it's going to be when he wants to start dealing with banking regulators. 0% chance he doesn't run afoul of them in the first year trying to run his business by the seat of his pants like he does with all the others.
Yet another half-baked idea to spill out of the mouth of this fucking moron with too much money for his own good.
it will blow my mind if Twitter even still exists by then.
All the evidence suggests he can't be trusted with his money, let alone my money.
As someone who worked for a tech banking company many years, you are too stupid to do it.
This shit is complicated as fuck.
Oh and all the tech in the world or capital you could build is worthless unless you have that sweet banking / credit license in US. And lets just say its really really hard to cone by nowadays.
Buy a social media company because you know there's no way you'll ever make one naturally
Claim that it's too full of bots and try to walk out, despite having already signed the deal
Treat your new employees almost like slaves because apparently sleeping at the office is a reasonable proposition
Rebrand the social media network for no good reason, tanking value
Drive advertisers away by changing the algorithm that helped make site so good
Lose millions in company net worth and become an internet laughing stock
...Have the bright idea to save the company by also making it a...... banking provider....
?!
It's the return of company scrip.
The most-garbage/toxic notion of tech platforms these days is when they masquerade as tech platforms but are really unregulated banking platforms.
Musk must have a fetish for having government regulators up his ass. The FTC is already up there to where he screams like a pig. Now add banking-but-not-a-bank and they're going to be up there even further.
This is exactly what he envisionied "X.com" to be back in like 1999... jesus christ, doods having a midlife crisis.
I'm gonna trust the guy who got rid of his CSAM team with my money.
I'm gonna trust the guy who pimped Dogecoin with my money.
I like my credit union.
Cool story Elon. Hey, where's that full self driving you promised would be ready next year 5 years ago?
It’s hilarious how Musk gives his staff ultimatums. The fact is they can get other jobs. It’s Musk who is deeply invested in Twitter now and can’t just cut his strings so easily. Why is he the one batting them around and threatening them all the time? What the hell kind of gluttons for punishment are still working there?
Sounds exactly like when your employer wants you to sign up for those stupid paycard accounts instead of fill out a direct deposit form.
This sounds like an amazing idea. Twitter is currently filled almost but not entirely with the worst we have of society.
He's going to get as many of those as possible, who already appear to have impaired decision making capability, to hand over their money.
He is the absolute worst at managing his money so he'll just lose it on the next bad bet.
Then maybe the SEC stands up and drags him off to jail?
Hell even saying that you won't need your bank might be damning when he finally releases the project.
Musk has become erratic, irrational, and volatile. These are not conditions suitable for someone who manages other people's money. Financial institutions know this, and will not be a part of his delusions.
It's a pretty bad idea to fire the majority of your employees if you want them to basically recreate Stripe (not just PayPal/Venmo) and somehow mush it into Twitter.
Also, that market is saturated, most banks and credit unions in the US already supports Zelle, and Venmo, CashApp, and PayPal are very estabished tech financial players in this space.
Again, if there ever was a possibility of an American WeChat equivalent to be built, the only one who ever had a chance to build it was Zuckerberg more than a decade ago, during the very short time period when the general population was adopting Facebook, but the old Facebook users have not started migrating off it. Trying to build WeChat in the US in 2023 is foolish at best.
I've worked in financial tech (now called 'fin tech) since 1994. In the USA, We have more laws governing our banks than our food. I've got my popcorn to watch this...
Finally a place I trust less with my finances than Redneck Bank
I feel like at this point Muskys strategy with X is "well I own a software company now so we'll just make all the software" with literally zero understanding of the context or how that must work.
I think it's pretty telling in some of his comments about "well my space x engineers flew a rocket so they should know how to make a social media better than Twitter employees" as if those skills translate whatsofuckingever.
He has no idea how different types of software work, the context in which they'll be used, and has no fucking clue that you can't just upend the entire global financial institutions. But his devs flew a rocket so they should be able to drive a car, write social media software, write banking software, etc because those are all just easier.
The level of delusion of this man is through the roof
LOL... no.
I go on twitter now and 3/4 of adverts are AI scams or 2009 click bait with fuckin community notes explaining that remembering a set of politicians names is not linked to hi iq, as claimed by the clickbait advert.
Then there is the 'verified' accounts that are doing genuine harm at misinformation spread.
Yeah I'm not trusting ol musky chuckles with my money. And that's coming from someone who uses traditional banks despite having witnessed their government bail out banks multiple times after they were fucking reckless to the point of needing a bailout.
With clowns like this running the show stuffing your money under the mattress like the old depression-era trope seems a better and better idea. Unstable billionaires, AI being dragged into Wall Street, domestic and geopolitical fuckery…. Makes me wonder what my 401k will look like in 20 years, or even 50. Just more middle-class money propping up rich people only to be set on fire before I get to it?
Lmao what the actual fuck is he smoking today? This shit is wild.
Can we just change this to /c/dumbshitwitter
Ugh, I honestly do not trust Musk to meet federal regulations for any of this.
Oh yeah because if anyone deserves trust in handling money it's Elon Musk. Oh wait.....
There is no way in hell I’d trust this chucklefuck with anything I think is important, let alone money.
Stop trying to be the Antichrist, Elon. We already hate you...let that be enough.
Is he gonna channel all that sweet income into supporting Dickopedia?
I’ll pass, thanks
Yanis Varoufakis said a while back that Elon is trying to replicate China's Wechat, which basically does all this. Owning digital platforms and having total control over them is now the best way to make money, and Elon basically wants that for everything.
Musk, CEO of Tesla and X (formally known as Twitter) causes catastrophic bank run, says "it doesn't matter they can just use X now." Join us at 11 for more.
Introducing Xcoin! Dont worry, Musk premined them all and is staking them so that you know they're high value!
He's trying to turn Twitter into WeChat. A near universal app everyone uses for chat, payments, etc.
This is the best summary I could come up with:
Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.
He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge.
The company is currently working on locking down money transmission licenses across the US so that it can offer financial services.
“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on Thursday’s internal X call.
“And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy.
The original article contains 400 words, the summary contains 153 words. Saved 62%. I'm a bot and I'm open source!
I set up a play-money prediction market on whether this would happen, and it doesn’t look like many people have faith in Musk to pull this one off.
Looks at towering pile of timelines Musk has committed to and failed to deliver on.
I've got just the spot for this news.
He's a grifter. All he needs is a routine bet from a billion people and he potentially pays back on loans. He thought it might be possible with subscription, but he's considering a way to emulate previous cryptocurrency manipulation now.
Nope, not even for a free pony.
He's not wrong in this case, it's doable. There are many startups building similar services with arguably fewer starting resources. You should run completely in the other direction, but it's not impossible.
Credit products, especially virtual, are easier to create than ever thanks to companies that have built out that infrastructure. Chequing can be facilitated and held by a major bank under the hood in most cases.
It might not be his end game, but it's definitely possible. Now, forgive me while I weep for anyone that uses it if they manage to deliver it.
Let's trust all our saving to this dude making random decision, wannabe memelord, who just sank 40 billion of his own money on a bet. All that just to take revanche on PayPal who threw him out of the board because they didnt trust him and his idea to have a company called X
Fuck banks. Also, fuck whatever this is.
It already exists, it's called Wechat. And it's run by Winnie the Pooh.
Damn, the idiot has been loose eating Tide pods again ...
Here’s their potential path, maybe ….
I have no idea the limitations of this approach, if any, but just experienced it a few days ago. I bought something expensive online, and the timing was sensitive, else I’d lose out on a lot of money. Then I got down to the final payment. It made me really nervous and would have reconsidered if I knew about it, but the final payment could only be done through bank transfer, but they wouldn’t let me provide the standard routing and account numbers. They had a web app that brings up your banking app, has you login to that, and appears to scrape data. They were able to see my accounts and balances, as well as initiate the transfer. This was so scary, exactly like I’d expect malware to be.
Bviously I changed my passwords immediately and verified there was only one transaction and exactly as I’d expect. However yes, they controlled my bank8ng without being a bank and without any apparent cooperation from my bank. All it takes is normalizing the behavior that will get us all robbed of all we own
Sounds to me like a attempt to move toward Scrip.
🤣 he's trying to turn twitter into chinas Wechat
Folks he is conning
Call themselves wolves, march like sheep
I do pity fools.This guy wants to be SBF round 2. Watch. People are going to put their CASH on X.com with no regulation or anything while promising crazy returns if you jusf deposit your funds and “stake” your US dollars as a quasi-investment in X, only to have a total rug pull job with X filing for bankruptcy and all the money being unaccounted for. He will sell it as, “we have to have this money because the ADL forced all our advertisers off the platform”. Fortunately, all that’s left of the people on X.com are stragglers and the far right/nazis, so they will just lose their money.
If you are still on X, you’re supporting an anti-Semite ultra powerful billionaire plain and simple. Musk pushing all the same talking points. White genocide, Jews are the cause of their own persecution via ADL, etc. Quit giving this guy your money by engaging on his site.
The other possibility is that it’ll be like Tesla’s self driving tech that has been coming “by the years end” since 2016 and it’s just meant to drive investment. Both are equally likely. The guy is a fucking grifter to the max. I can’t believe I used to think the hyper loop was a cool/realistic vision for the future. Fuck Elon Musk.
Pffffffffffffffffffffffffffffffffffffffffffffffffffffff 🤣🤣🤣🤣
Thanks, I needed a good laugh..I would sooner let truth social handle my finances than Elon Musk
Sounds a lot like what he used to do with PayPal until the eBay enshitification, I mean sale. I'm for bypassing banks. Elon Fanboy not.
retard
Retard
retard
Despite my distaste for the dude, more competition is good. Imagine if he really does make cheap, near instant, worldwide transfers possible and not just to 150 countries or something, but to all of them. There's an insane amount of remittance in the system. It's the entire raison d'être for some banks. If you can enter that ranking around the middle, you'll be making mad bank.