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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.’ (www.theverge.com)

submitted 10 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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“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!

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[-] Humanius@lemmy.world 421 points 10 months ago* (last edited 10 months ago)

Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.

[+] indigobox@lemm.ee -48 points 10 months ago

Well he made PayPal.

So he probably knows a thing or two about the financial sector.

Maybe he'll integrate PayPal into X

[-] Scrof@sopuli.xyz 35 points 10 months ago

He didn't though.

[-] remotelove@lemmy.ca 32 points 10 months ago* (last edited 10 months ago)

Don't believe all the bullshit about what he has "created". He was fired, but got to keep is equity. Peter Thiel was the PayPal founder.

Tesla was founded by Martin Eberhard and Marc Tarpenning in 2008.

For a long while, Elon was very successful and very popular. Like most CEOs, he claimed all the work at Tesla and SpaceX is of his own creation. And sure, I am sure he was responsible for a lot of the financial success of those two companies. He sets goals for a company and the people in those companies try to achieve those goals. In Elon's case, he sets many goals and many projections that tend to fall flat. That doesn't matter if you are successful in getting more investors and boost stock prices.

However, once he started running his mouth on Twitter, it became very clear that his charisma couldn't keep up.

Also, the financial sector is nothing like it was when PayPal was founded. There weren't regulations in place that could apply directly to that kind of company yet. While he may know more about the financial sector simply because he deals with many more zeros on a daily basis, his "revolutionary" description of how he wants to transform X shows that he is way out of touch.

Quite simply, Elon has proven that he cannot be trusted, especially when it comes to reporting anything financial. For example, him and the "CEO" of X are currently saying that advertisers are returning at record rates. This is getting proven wrong, or being shown as misleading at best.

[-] Deceptichum@kbin.social 12 points 10 months ago

Nope, PayPal bought his x.com company and fired him as the CEO.

[-] ubermeisters@lemmy.world 11 points 10 months ago

might wanna read up on how that actually went down. he didn't make paypal. he also didn't make tesla, or spaceX.

[-] muse@kbin.social 9 points 10 months ago

He didn't make paypal. Not even a founder.

[-] kokesh@lemmy.world 8 points 10 months ago

Wasn't his company bought out by PayPal?

[-] IWantToFuckSpez@kbin.social 5 points 10 months ago

No another fascist created PayPal.

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this post was submitted on 27 Oct 2023

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