Unless twitter gets an actual bank charter and is regulated by the FDIC, X wouldn’t get a cent from me. Even if they claimed to pay incredible APY. Elon musk would steal billions from his customers and wouldn’t blink. And if your deposits aren’t insured then your money isn’t real.
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.
Is he gonna channel all that sweet income into supporting Dickopedia?
He's trying to turn Twitter into WeChat. A near universal app everyone uses for chat, payments, etc.
Introducing Xcoin! Dont worry, Musk premined them all and is staking them so that you know they're high value!
Nope, not even for a free pony.
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.
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!
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.
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