“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!
Ignoring the Elon factor….it will still be a bank account. It will just be a bank account that can only be managed through twitter.
Thats not a better banking experience.
Imagine if this guy was your boss.
I had a boss like that. He adored Elon and mentioned him in almost every sentence. The nasty cunt didn’t wash his hands after he was finished on the toilet, and he used cocaine non stop. I left pretty quic
Oh yeah because if anyone deserves trust in handling money it’s Elon Musk. Oh wait…
I’ll pass, thanks
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.
Well, he could presumably hire some smart people to make it happen, but he’d have to pay them…
Also, this is assuming he wants to be an actual bank and not just pay employees in scrip that you can only spend through things they provide.
There is literally prior art from him in this regard. He just decided to call it a payment processor so he did not have to do all that bit about it being other people’s money.
Oh please. It ain’t complicated. I could write a ruby app in a weekend that would do everything a bank does. It’s just subtracting from one account and adding to another.
- Elon Musk probably.
“Security?! Nah, the Russians are my best friends”
“All you need is security bars in front of your windows”
Ok, now let me present to you: Rolling reserves.
All the evidence suggests he can’t be trusted with his money, let alone my money.
Something about this doesn’t seem right can’t put my finger on it
you can’t?
Lol, yeah, this sociopath is going to develop a full suite of banking services and software in a year while laying off employees, sure.
If they did, would you trust him?
I wouldn’t. Ever.
not in a million years. Not with FDIC insurance or open-source non-custodial crypto wallets or anything like that.
His platform struggles to push text around reliably. Could you imagine using that for money?
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…
Seems like he is going ahead with the X “The Everything App” idea. I’m glad I use parts of the Fediverse and hope to build my own instance at some stage as I really don’t want people like Musk owning my data let alone charge me for it and control my money.
He’ll just steal it. And if you fight back, he’ll sue you into oblivion. It’s the capitalist way.
@slurpeesoforion The worst bit is, the US government seem to be on his side
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.
Yeah he won’t be able to do business in the uk for sure.
Yeah the amount of compliance necessary to launch a savings account in the UK is nuts, and thats when youre going through a 3rd party provider like Clearbank who already has all the actual money handling services, but let clients palm them off as native banking accounts
And the auditing. Omg the twice a year auditing.
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.
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.
He is the absolute worst at managing his money
I mean he might suck in many ways, but thinking he’s bad with money disregards reality in an extremely profound way.
edit I’m flabbergasted that this can be controversial
didn’t he win a Guinness world record for losing the most amount of money by one person?. and isn’t Twitter bleeding money because of his shitty decisions?
It’s of course possible that he used to be good with money and currently is bad with it. But you just don’t get to that #1 spot with just pure luck – unless we go philosophical and think of everything being based on luck.
you might get the number 1 spot by lying to people about your success or lying to customers, it you think buying something that’s worth much less than what you paid is being good with money, then sure he deserves number 1, but maybe he’s just lucky that his father had money and he seems to be just an idiot
When you inherit a ton of money and invest it in every stupid idea you have…
With enough time and money eventually you’ll stumble into something successful by pure chance. That doesn’t mean you’re good with money, just that you got lucky.
You don’t hear about the people who inherited daddies money and proceeded to slowly go broke with no successes to speak of.
The evidence of Elon’s poor business decisions speaks volumes towards “being wealthy doesn’t mean you’re smart, it just means you got lucky.”
He got his start by his dad’s emerald mine, let’s see how much he has lost over the years.
His net worth is currently ~$250B, making him the richest man in the world. In year 2000, his net worth was some tens of millions. He certainly got a good start from his parents, but to say that the richest man in the world is “absolute worst at managing his money” is just… anti-reality.
From January
Tesla CEO Elon Musk has broken a record for the largest amount of money lost by one person, according to Guinness World Records. Musk lost between $180 billion and $200 billion since November 2021, largely due to the poor performance of Tesla stocks in recent years, according to the report.
From September
Since Musk and partners paid $44 billion including debt, he’s implying that the platform would now change hands for $4 billion (the $44 billion purchase price minus the $40 billion in “value destruction”), for a drop of 90%. In effect, he’s saying that the $31 billion he and his partners invested in equity is totally gone, and a big portion of the debt from provided by the cream of Wall Street sits far underwater.
The level of delusion of this man is through the roof
