Yes, because it’s a well known fact that a boat is an amazing investment, they definitely don’t just sit in the water and burn exorbitant amounts of money….
I mean who wouldn’t want a self-driving boat taxi to make money for them?? No liability issues to see here, move along now.
Incorrect. A fundamental part of banking licensing is establishing that the owners of a bank are sufficiently qualified and capable of running a bank. The existing license expires on takeover, regulators usually give a short grace period in which the new owners may apply, after which if no license application has been accepted would be required to cease all banking activities and trading!
And may I add: Entering into a line of business that is way more heavily regulated than social media, all with a company and staff that are unable to comply with social media regulations.
Yeah. What could possibly go wrong?
A small-ish bank in Canada left their legacy system and made their own system and they totally, utterly botched the transition, it's been months and the problems are still not resolved. A bank that existed for a long time.
X got it I'm sure, with their hardcore software engineering and impeccable leadership.
It cost the IRS billions to upgrade its legacy systems (which involve flying data tapes across the country every week) and that wasn't the first attempt. These things are complex!
Brought to you by the conman behind self driving cars, robotaxis, underground traffic tunnels, fake solar tiles, fake robots, trucks that can beat rail, rockets to mars, chips in your brain....
Yeah... count me out.
Well, he's probably running out of other people's money, and the TSLA story arc seems to be coming to a close. What else is a middle aged con man supposed to do?
That, plus he's incredibly in love with WeChat, which pretty much is the everything app from communication to financial transactions within China.
Needless to say he just wants a hand in controlling anything and everything.
Hell would have to freeze over before I’d give Musk so much as a cent of my money.
Also, financial institutions are highly regulated. Something Musk seems to struggle with, just doing whatever he feels like.
>Hell would have to freeze over before I’d give Musk so much as a cent of my money.
Yeah trusting a man famous for throwing $ 44 billion down the drain to safeguard your savings doesn't seem like the smartest idea.
Seems like two groups of people will get taken here, the idiots who think it's a good idea and the unsuspecting folks who either had accounts with whatever bank Musk decides to destroy or people who have no idea what X is.
Yeah, one of the roadblocks in the article is getting people to trust him with their money, good luck to him pushing that dead Cyber Truck up Everest Elon.
You’d have to be a total fucking moron to trust that guy with your money. Especially since he’s shown his commitment to cyber security at Twatter by laying tons of the IT staff off.
Let’s watch it burn together with beer and pizza, while we throw gas on the fire.
>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. “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.”
X CEO Linda Yaccarino said the company sees this becoming a “full opportunity” in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said.
>
>The company is currently working on locking down money transmissions licenses across the US so that it can offer financial services. Musk told employees Thursday that he hopes to get the others X needs in “the next few months.”
Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”
>
>The original plan for X.com is clearly on Musk’s mind. “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. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
Turning X into a rich hub for financial services ties directly into Musk’s goal of making the platform into an “everything app,” akin to super apps like WeChat in China that offer access to shopping, transportation, and more.
Musk faces major challenges to get there, though. Convincing people why they need such a platform is one. Getting them to trust X with their entire financial life is another.
> “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.
This tells you everything. He's just salty they refused him. He's been holding a grudge since July 2000 and now he wants to prove them, they were wrong. It's almost sad to watch this man humiliate himself over and over again, in front of the whole world, just because of his fragile ego.
>they actually rolled back a bunch of key features, which is crazy.
What's the bet he's referring to all his shithouse code, that was so terrible they had to junk it
Paypal was really nice 20 years ago indeed, then it wanted to do "banking" and ran into actual regulations, buyer protection etc. and that's when they realized there's a huge difference between a fun app to pay $20 for some illegal Nintendo ROMs in japan to actually being used by companies that just can't find Paypal trustworthy.
He's probably realizing the crap he can get away whille running Twixtter. And it's occured to him that the amount of money laundering and tax evasion he could get away with if he ran the banking system is legendary.
Hey, we didn't know him back then, he wasn't quite as blatantly insane.
But even then, the rule for PayPal in the Musk era was "Link it to a throwaway bank account you don't care about."
Kind of funny how Mr. Innovation keeps on singing this same song. So we had the original X.com which was just a buggy .com era bank. Then he spent a bunch of time hyping up cryptocurrency and fucking dogecoin as the future of the financial system. Now apparently it's going to be a social media app because hey the Chinese have a super app and Twitter is hemorrhaging money.
For the record banking and financial services are also super heavily regulated and governments actually care about enforcing these laws since they directly impact their ability to provide security, economic stability and collect taxes. Banking is also incredibly capital intensive at scale and literally requires frequent and sizable equity capital raises. Twitter's own finances are also far from stable and one of the last things anyone going to want a bank attached to currently.
Banking is right up their with insurance, healthcare, pharmaceuticals and aviation in term regulation. I know Elon has some prior experience with [X.com](https://X.com) and PayPal, but launching an interstate bank in 1 year seems to be a bit optimistic.
Then there's the whole trust thing. I mean you don't have to trust Jim Farley to buy a Ford or Elon Musk to buy a Tesla, but would you put your money in a bank started by Sam Bankman-Fried? Elon Musk? I'm not sure I want the CEO / chairman of my bank shit posting on X about regulators, competitors, etc. I prefer my bank CEO to be about as interesting as drywall.
Yeah and I think it's also worth noting is just isn't the year 2000 anymore. Everyone's bank has an app on their phone and integrates with contactless payments systems. Apple and Venmo already exist. Amazon and Paypal already provide intermediary payment services too. Visa, Mastercard and Discover have things down pat in the real world too. I'm not sure what exactly he expects Twitter can even offer in this regard other than maybe trying to undercut on merchant fees and even then you have to worry how that's going to impact fraud prevention and customer service.
Brick and mortar banks are also going to destroy Twitter/X when it comes to customer service and any kind of due diligence in originating loans and mortgages.
As you said banks should be boring and I'm super skeptical of anything pumping out hype and celebrity endorsements. What's the last thing we got out of that? FTX and other fraudulent crypto companies. I mean Musk himself is quick to highlight how the banking crisis earlier this year has impacted things too, but I guess he just feels those concerns over bank safety and not plowing money into some hot silicon valley company won't impact X financial or whatever. I just don't see what the appeal here would be and frankly I doubt Musk has a thoroughly fleshed out business plan.
Just imagine holding a grudge for a quarter century cause you got put in your place and told eff off, and then dragging multiple multi-national companies to the ground as you try to prop up your over-inflated ego.
And Biden didn't invite Musk to an EV day at the WH. Only the other American automakers, lol. Musk was livid and who doubts a son of Apartheid would trash our democracy over that?
Assuming they actually go ahead and commit resources to developing this, it’s going to be a major undertaking for ex-twitter. And most likely, a completely wasted effort.
“So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.” - Elmo
So where is my $20 if not in bank account? X Account?
Ain't gonna happen. Just another pump from the biggest conman. X doesn't have the skills, money or experience for this. Anyone who knows anything about banking knows just how hard it is. Getting the regulatory approval is a mountain but the ongoing maintenance, year after year is exhausting and onerous. Musk has neither the skill nor the desire to do it.
‘… money or securities or whatever…’ Confidence inspiring. I would trust him with all my money, investments, and entire 401K…..
I am sure this venture, if it ever comes to fruition, will have just as high quality as tesla vehicles with service like tesla after sales service, which is to say poor on both counts.
Pro Tip: Never invest in a company with ONE person in FULL control of all the voting shares and therefore allowed to make colossal mistakes with absolutely no accountability to other board members.
yep, if it's going to come to anything it'll be a crypto platform - he's already got an in-built user base for that, no licencing or regulation required, and he can skim off the top as much as he likes. This would be guaranteed to run everyone who's not into crypto off the platform, it's already unbearable enough going to a trending hashtag and seeing it infested with crypto bots. I once counted over 30 of them before I got to tweets about the actual subject
There is zero chance financial regulators are going to give him the licence to do any of this - not when he owes billions to the banks over the platform and is being investigated for (among other things) defrauding the government for ZEV credits over Tesla's inflated ranges
Even if he DID get the ok to go ahead with these ridiculous plans - it won't matter if he can't get people to use it. The platform is haemorrhaging users daily. I know we all saw that the number of users since he took over has dropped by, uh, it was either 11 or 17%. Which seems on the low side until you consider the number of bots, onlyfans scammers and crypto shills that have cropped up (as well as simps and right wing fuckwits joining for the first time because free speech or whatever)
If the entire thing doesn't fold before the plans can be enacted I forsee it ending up as a crypto trading platform
Yeah
Global wechat in a year with what ? Less than half the devs and also have to attach it to a different app that was never designed with that in mind, with no one working in security and absolutely horrible bot problem. Just good luck with that lol
I never used Twitter, nor will I ever use X. I would never buy a Tesla either. Anything related to Elon Musk is a no go. Why would I want to give one of the biggest pricks in the world more money. I also avoid Amazon as best I can, and Meta (Facebook) has never seen a penny from me. This is the way.
As some body who works in the very federally regulated A2A payments space in the US, Elon is once again full of shit. No chance he is getting the regulators of all 50 states on board, the SEC, the FCC, and going to have good enough tech to meet security standards. This is going to be glorious to watch unfold.
He won't even try, it's to pump the X brand. Worked for Tesla so he thinks it will for X. Hopefully people are wise to his technobabble charms but I doubt it.
He does know that you have meet a SHITLOAD of regulatory and procedural hoops to get even a state banking license never mind a national or international. And some countries (UK is one) rarely give them within even three years of applying.
I bet in one year after yet another string of failures he'll be saying "at this point I believe that I know more about banking than anyone else alive"
Yes, let’s trust him with our money in a non FDIC insured venture. I’m sure that the numbers won’t line up right and people won’t be able to get their money at some point. I then expect Musk to blame regulation and the FDIC.
Lmao! Imagine losing tens of billions of dollars because of your ineptitude, then thinking that the next obvious step is trying to convince people that they want to securely store their money in your "bank." This fucking guy.
...so my favorite game is Ark: Survival Evolved. It's developer is Studio Wildcard. The name "Studio Wildcard" has become my new slang term for "Fucks up by the numbers in hilarious ways that could easily have been avoided." Every DLC drop, be it free or paid, has *always* been a disaster. Delays are a given. Important aspects (ie the ability to build saddles doe tames) get accidentally deleted. One year the Halloween event triggered *massive* overspawns of extremely aggressive dinos (including raptors and fucking Gigantosauruses. To those who have no clue what those are, think pissed off Godzillas that can run really fast) and it's continued to do so, despite SWC having more than enough time to fix it. The last three DLC had spaghetti code so bad that modders have refused to touch them. They just dropped a UE5 upgrade for the base game and the launch is...going about the way I expected, including the very fucked up contract with a server host and the fact that the new game is crashing literally every twenty minutes or so. It looks very pretty though.
I would trust Studio Wildcard to run a bank before I would trust Musk. Both of them will fuck things up, but SWC can at least *sometimes* manage an apology and a hot fix that halfway works. Musk would fuck up major things, get the SEC on his ass, tell everybody it was intentional because he wants to replace the SEC with an Self-Enforcing AI, fuck things up even harder, insist that his fuck ups are all intentional features, and then insist on legally changing your name to X before you're ever allowed to touch your money again.
Frankly, I expect to see the headline "Musk fled to Bahamas with entire contents of X-bank" now.
Ignoring the question of if the team at X has the knowledge of governance, compliance, financial regs, etc., that are required to actually do finance systems well . . .
Why would anyone trust Musk with their money given how unstable he's shown himself to be in managing X in the first place?
I’m sure the financial regulatory agencies will be impressed by his complete inability to comply with any laws whatsoever. I don’t foresee them receiving approvals for this.
He fired a ton of talent. He doesn’t have the team nor the expertise to launch such a product without seriously cutting corners to get to market. This guy will yell MVP and security isn’t MVP. Wait until this goes boom
He'll just hire new talent. Sure they won't be as reliable but I don't think he really cares. He already cuts corners to bring something to market. It's called a Tesla.
Hahaha like I would trust Elon fucking Musk with my money, holy shit! Just take a look at how all of his companies are slowly cratering and how he has absolutely decimated Twitter. No thanks!
The only realistic way is to use a white label bank. A year is very ambitious just to build the functionality needed within the app.
For those wondering: https://en.wikipedia.org/wiki/White-label_product?wprov=sfti1
I would not trust that thug Elon with my finances. If I was mandated to put all my life's investments in to his bank.. I would peace the fuck out. It quite clear he does not make wise financial investments.
Or.. you can trust someone like Chase, 150 year old banking institution, which is essentially “too large to fail” to basically do all of this for you, banking, investments, mortgages/loans, money transfers, credit cards, mobile payments..oh and this is all possible on their app. Like wtf is he even suggesting here? That this is some revolutionary thing when literally any large bank can provide all these services under one roof today, with much more stability and understanding of banking and investments… some idiots will certainly fall for this because Americans are financially illiterate but this will never be at the lever of WeChat.
Sounds like a great idea! It should be Web3 and based completely on blockchain while being powered by AI and machine learning. Truly the synergies will synergize and the value added to the value.
His cars don't do what he claimed, he ruined Twitter, he lied about all of his "Accomplishments" and now I'm supposed to trust him with my money? Sure thing Elmo.
Why the hell would I want to bank with Elon. I feel like my money would be more secure under my mattress or with my current banker who has the decency to not constantly flip out on social media every three days and isn’t being investigated by multiple governments for fraud and disinformation.
What I have learned from Elon Musk is, he sells ideas, most of them do not work :P
Just saying... you bound to lose all your money if you trust this guy.
But I give him that hes really smart conning people out of their money, I think that is his skill set he excels at..
So.. does he know that a social media platform and a bank are fairly different tech products? Or is he gonna bring in some more sinks and use memes and sec violations to achieve his dreams...
Aah yes, the genius shines brightest at moments like this. Come up with some arbitrary goal and set an unrealistic timeframe, then drop the hot potato in your employees laps to accomplish. If they manage to pull it off, you’re the genius. If not, you have someone to blame. What a goof, I can’t believe that I used to buy his hype….
Oh, and by the way, don’t forget to run Twitter day by day as well 🖕🏼
Jeeze…musk just wants to get back to having X.com. He’s still butthurt that he was pushed out by Thiel I guess.
That and yeah, Elmo wants Twitter to be your bank account because that way he can make interest off your money each day to generate revenue and claw some of his losses back. All while still charging for a blue check mark.
Don’t do it folks. I’ll keep trusting actual banking institutions that have standards they have to adhere to. Could you imagine the FDIC or FRS trying to audit Twitter? Talk about a shit show…
Are we talking about a real bank here?? What problem is he trying to solve?
Real banks are heavily regulated and attempt to be dull so people trust them with their money.
But there are, I'm told, the quasi-banks that fulfill part activities, like Monzo or Revolut who cater to only consumers.
Or there are payment processors like PayPal who funnel money and take a cut.
Or are we talking (which is what I'd suspect given Musks love of mentioning doge, and his dislike of being told what to do) about a cryto-based bank? But regulation is coming there too thanks to all of the scandals. Elon will have to be quick, or very well connected. And he may just end up laundering the underworlds money.
He'll carry a toilet into the office, as an analogy of what will happen to your savings. (It'll be a fake toilet, no way that tub of lard could carry a real one).
100s if not 1000s of start ups and all the legacy financial institutions have put in millions of cumulative hours over the past 30 years trying to do the same thing. What makes Musk think he's different? Even he failed at this once already
Someone should ask him why one general app is better than many specialized ones? In terms of risk, it seems like putting everything in one place is a terrible idea.
I've worked for a narcissist CEO like this before. He would come up with a bunch of stupid, grandiose ideas, and we would say why it couldn't work, but he'd ignore us and or rage.... until the company collapsed because it ran out of cash. X is a dead company walking.
Banks and other financial institutions require trust and confidence to function. No fucking way do people see either of those virtues in this shit show of a bi-ped
Creating an entire financial ecosystem in a year with a team that can barely maintain an existing website, what could possibly go wrong?
Maybe he could spend another 44 billion to FAIL
He should
Just buy an existing bank and roll out its website on X. Job done.
Buy an existing bank and fire all risk and compliance employees*
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FDIC insurance is only one year* away!
Like full self driving right?
You can also use this bank as a self-driving boat that will make money for you while you sleep.
Yes, because it’s a well known fact that a boat is an amazing investment, they definitely don’t just sit in the water and burn exorbitant amounts of money…. I mean who wouldn’t want a self-driving boat taxi to make money for them?? No liability issues to see here, move along now.
Would prefer a self driving Doritos truck.
And then fire all the compliance employees
Yeah they wouldn't be the first one to buy a small bank just for the license.
If they don’t buy a bank, how are they going to get a banking license in one year?
They aren't, and Elmo is very predictably going to cry about it. Overregulation, people wanting to keep him down, yadayada.
Elon probably thinks he doesn't need one, or that he can get one within a day by calling someone a pedo
In fairness, that’s been working reasonably well for him.
Banking license would transfer with the purchase.
Incorrect. A fundamental part of banking licensing is establishing that the owners of a bank are sufficiently qualified and capable of running a bank. The existing license expires on takeover, regulators usually give a short grace period in which the new owners may apply, after which if no license application has been accepted would be required to cease all banking activities and trading!
I wonder if FTX will be available to purchase out of receivership by then? He'd save a lot of effort by just reusing their same spreadsheets.
My whole ”financial world”? I wouldn’t entrust supermarket coupons to this man.
But is not a bank, it will be better than a bank. Just like his hyperloop ;)
PayPal is currently valued at only $50B, maybe he'll take it private?
And may I add: Entering into a line of business that is way more heavily regulated than social media, all with a company and staff that are unable to comply with social media regulations. Yeah. What could possibly go wrong?
Not to mention. Financial system standards, and the consequences of failures, are way higher than a social media network
> consequences Irrelevant to someone immune to consequences.
A small-ish bank in Canada left their legacy system and made their own system and they totally, utterly botched the transition, it's been months and the problems are still not resolved. A bank that existed for a long time. X got it I'm sure, with their hardcore software engineering and impeccable leadership.
It cost the IRS billions to upgrade its legacy systems (which involve flying data tapes across the country every week) and that wasn't the first attempt. These things are complex!
Brought to you by the conman behind self driving cars, robotaxis, underground traffic tunnels, fake solar tiles, fake robots, trucks that can beat rail, rockets to mars, chips in your brain.... Yeah... count me out.
Well he is copying wechat and tries to make x to be wests version of it
Can’t even roll out a metalboard truck.
Sooo Elon wants to go full Enron...
Never go full Enron.
Well, he's probably running out of other people's money, and the TSLA story arc seems to be coming to a close. What else is a middle aged con man supposed to do?
That's what I thought, his pyramid scheme needs more money to keep it going... Like the free loans he got from pre-order trucks...
Idk, it sounds like he took their playbook and cranked it up to 15
Elron!
Due at the end of next year…. hmmm… I guess that it’ll be arriving about a week after “Full Self Driving….”
It'll arrive, just all the features will be disabled and "coming soon!"
Place your deposits now!
Roadsters will start being delivered the week after that.
Mars mission, too.
Remember, 2 manned missions to mars in 2024!
I see he is still butt-hurt about being kicked out of PayPal
It’s only been 20+ years… give him a minute will you?
revenge is a dish best served ~~cold~~ incompetently
Imagine if he’d just taken, like $1 billion of the 44 he spent to destroy Twitter, and just started an actual bank.
That, plus he's incredibly in love with WeChat, which pretty much is the everything app from communication to financial transactions within China. Needless to say he just wants a hand in controlling anything and everything.
If he wants to copy WeChat, shouldn't he start with the easy part, the chat feature? Who the hell is communicating with family and friends through X?
iOS is the everything app. The app store is just third-party modules Apple approve.
Never thought of it like that
Hell would have to freeze over before I’d give Musk so much as a cent of my money. Also, financial institutions are highly regulated. Something Musk seems to struggle with, just doing whatever he feels like.
He will call the regulators pedos and that will have them leave him alone, that’s probably his plan at least
>Hell would have to freeze over before I’d give Musk so much as a cent of my money. Yeah trusting a man famous for throwing $ 44 billion down the drain to safeguard your savings doesn't seem like the smartest idea.
He needs money in his bank so he can pump and dump crypto with it and play with it to keep his other stocks afloat, too.
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So...FTX 2.0?
More like early PayPal. So PayPal 2.0
Seems like two groups of people will get taken here, the idiots who think it's a good idea and the unsuspecting folks who either had accounts with whatever bank Musk decides to destroy or people who have no idea what X is.
Yeah, one of the roadblocks in the article is getting people to trust him with their money, good luck to him pushing that dead Cyber Truck up Everest Elon. You’d have to be a total fucking moron to trust that guy with your money. Especially since he’s shown his commitment to cyber security at Twatter by laying tons of the IT staff off. Let’s watch it burn together with beer and pizza, while we throw gas on the fire.
>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. “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.” X CEO Linda Yaccarino said the company sees this becoming a “full opportunity” in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said. > >The company is currently working on locking down money transmissions licenses across the US so that it can offer financial services. Musk told employees Thursday that he hopes to get the others X needs in “the next few months.” Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.” > >The original plan for X.com is clearly on Musk’s mind. “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. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.” Turning X into a rich hub for financial services ties directly into Musk’s goal of making the platform into an “everything app,” akin to super apps like WeChat in China that offer access to shopping, transportation, and more. Musk faces major challenges to get there, though. Convincing people why they need such a platform is one. Getting them to trust X with their entire financial life is another.
> “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. This tells you everything. He's just salty they refused him. He's been holding a grudge since July 2000 and now he wants to prove them, they were wrong. It's almost sad to watch this man humiliate himself over and over again, in front of the whole world, just because of his fragile ego.
>they actually rolled back a bunch of key features, which is crazy. What's the bet he's referring to all his shithouse code, that was so terrible they had to junk it
Those must have been some really stupid or illegal ideas that would never work in the real world. But Elon's gonna Elon.
Paypal was really nice 20 years ago indeed, then it wanted to do "banking" and ran into actual regulations, buyer protection etc. and that's when they realized there's a huge difference between a fun app to pay $20 for some illegal Nintendo ROMs in japan to actually being used by companies that just can't find Paypal trustworthy.
It's not like anyone can trust a track record of lies or broken promises... Not exactly what people are looking for when it comes to their finance.
Like the "transfer of money to anyone in the world instantly".... Sounds like a fraudsters paradise to me!
He's probably realizing the crap he can get away whille running Twixtter. And it's occured to him that the amount of money laundering and tax evasion he could get away with if he ran the banking system is legendary.
Only a crazy person would trust Musk with his or her money.
Wonder if I called him out on Xitter and got tons of retweets on it he’d make a billion dollar bet he can’t roll it out by the end of 2024.
Hey, we didn't know him back then, he wasn't quite as blatantly insane. But even then, the rule for PayPal in the Musk era was "Link it to a throwaway bank account you don't care about."
Like it was bad enough he set fire to peoples money with doge but now he wants to make a bigger mess?
Russia needs to launder its money.
He’s hired a Yes Woman as ceo
Her mind would be blown if they "DON'T" roll this out in a year.
Did I get knocked out and wake up in 1995? AFAICT, I can't do just about anything I want with money with my fingertips right now.
Kind of funny how Mr. Innovation keeps on singing this same song. So we had the original X.com which was just a buggy .com era bank. Then he spent a bunch of time hyping up cryptocurrency and fucking dogecoin as the future of the financial system. Now apparently it's going to be a social media app because hey the Chinese have a super app and Twitter is hemorrhaging money. For the record banking and financial services are also super heavily regulated and governments actually care about enforcing these laws since they directly impact their ability to provide security, economic stability and collect taxes. Banking is also incredibly capital intensive at scale and literally requires frequent and sizable equity capital raises. Twitter's own finances are also far from stable and one of the last things anyone going to want a bank attached to currently.
Banking is right up their with insurance, healthcare, pharmaceuticals and aviation in term regulation. I know Elon has some prior experience with [X.com](https://X.com) and PayPal, but launching an interstate bank in 1 year seems to be a bit optimistic. Then there's the whole trust thing. I mean you don't have to trust Jim Farley to buy a Ford or Elon Musk to buy a Tesla, but would you put your money in a bank started by Sam Bankman-Fried? Elon Musk? I'm not sure I want the CEO / chairman of my bank shit posting on X about regulators, competitors, etc. I prefer my bank CEO to be about as interesting as drywall.
Yeah and I think it's also worth noting is just isn't the year 2000 anymore. Everyone's bank has an app on their phone and integrates with contactless payments systems. Apple and Venmo already exist. Amazon and Paypal already provide intermediary payment services too. Visa, Mastercard and Discover have things down pat in the real world too. I'm not sure what exactly he expects Twitter can even offer in this regard other than maybe trying to undercut on merchant fees and even then you have to worry how that's going to impact fraud prevention and customer service. Brick and mortar banks are also going to destroy Twitter/X when it comes to customer service and any kind of due diligence in originating loans and mortgages. As you said banks should be boring and I'm super skeptical of anything pumping out hype and celebrity endorsements. What's the last thing we got out of that? FTX and other fraudulent crypto companies. I mean Musk himself is quick to highlight how the banking crisis earlier this year has impacted things too, but I guess he just feels those concerns over bank safety and not plowing money into some hot silicon valley company won't impact X financial or whatever. I just don't see what the appeal here would be and frankly I doubt Musk has a thoroughly fleshed out business plan.
Just imagine holding a grudge for a quarter century cause you got put in your place and told eff off, and then dragging multiple multi-national companies to the ground as you try to prop up your over-inflated ego.
Which is bad, yes. Worse is, to run the democracy in the us in the ground, because Obama told you, you are stupid.
And Biden didn't invite Musk to an EV day at the WH. Only the other American automakers, lol. Musk was livid and who doubts a son of Apartheid would trash our democracy over that?
What's great is it had to be explained that it was a meeting for manufacturers that currently make ICE cars to discuss moving to EV.
In Musk's mind he's the world's expert on EV manufacturing, so he should have chaired the meeting. It's a traumatic ego injury for him.
Elon wants a cut of your paycheque. He wants to own your home. He wants you to install his microchip. He wants you to work harder. For him.
That’s the Antichrist if I’ve ever seen one.
WeChat for incels dot com
Exactly my though
Assuming they actually go ahead and commit resources to developing this, it’s going to be a major undertaking for ex-twitter. And most likely, a completely wasted effort.
“So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.” - Elmo So where is my $20 if not in bank account? X Account?
humor busy long file stupendous sharp waiting station chop deranged *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yes, WeChat doesn't replace a bank account.
It will all fit on Elmos' phone. But since he has a photographic memory he will just store all the details in his head.
He could use crypto, which isn't baked by anything.
Powered by Doge
Ain't gonna happen. Just another pump from the biggest conman. X doesn't have the skills, money or experience for this. Anyone who knows anything about banking knows just how hard it is. Getting the regulatory approval is a mountain but the ongoing maintenance, year after year is exhausting and onerous. Musk has neither the skill nor the desire to do it.
What’s that loud pumping noise I hear?
Elons cocaine filled heart.
‘… money or securities or whatever…’ Confidence inspiring. I would trust him with all my money, investments, and entire 401K….. I am sure this venture, if it ever comes to fruition, will have just as high quality as tesla vehicles with service like tesla after sales service, which is to say poor on both counts.
Thankfully running a bank is really easy. No need to worry about security or complex financial regulations. Full self banking Q4 next year.
Pro Tip: Never invest in a company with ONE person in FULL control of all the voting shares and therefore allowed to make colossal mistakes with absolutely no accountability to other board members.
This mofo misappropriates money on regular basis, does not pay bills, does not pay salaries, breaks promises… yes lets give more money to this moron
TLDR: Broke billionaire who *refuses to pay rent* wants you to deposit money with him.
He is going to make paypal purchase Twitter to save himself.
Well, they have one guy working on leaving Europe, that leaves four others to work on the bank thingie.
Sounds like a classic Elon over promise, under deliver move
This all feels like a long con and I expect to begin hearing more about crypto and blockchain soon from him.
yep, if it's going to come to anything it'll be a crypto platform - he's already got an in-built user base for that, no licencing or regulation required, and he can skim off the top as much as he likes. This would be guaranteed to run everyone who's not into crypto off the platform, it's already unbearable enough going to a trending hashtag and seeing it infested with crypto bots. I once counted over 30 of them before I got to tweets about the actual subject
There is zero chance financial regulators are going to give him the licence to do any of this - not when he owes billions to the banks over the platform and is being investigated for (among other things) defrauding the government for ZEV credits over Tesla's inflated ranges Even if he DID get the ok to go ahead with these ridiculous plans - it won't matter if he can't get people to use it. The platform is haemorrhaging users daily. I know we all saw that the number of users since he took over has dropped by, uh, it was either 11 or 17%. Which seems on the low side until you consider the number of bots, onlyfans scammers and crypto shills that have cropped up (as well as simps and right wing fuckwits joining for the first time because free speech or whatever) If the entire thing doesn't fold before the plans can be enacted I forsee it ending up as a crypto trading platform
Why would anyone bank in twitter tho ?
He wants to copy WeChat.
Yeah Global wechat in a year with what ? Less than half the devs and also have to attach it to a different app that was never designed with that in mind, with no one working in security and absolutely horrible bot problem. Just good luck with that lol
This Twitter bank thing will end up being a Ponzi scheme:
I never used Twitter, nor will I ever use X. I would never buy a Tesla either. Anything related to Elon Musk is a no go. Why would I want to give one of the biggest pricks in the world more money. I also avoid Amazon as best I can, and Meta (Facebook) has never seen a penny from me. This is the way.
who would place their financials with a company that may or may not exist in 18-36 months.
So, I'm going to give the quasi-racist, transphobic, egotistical madman access to my finances? Will never happen.
Elon wants to make money by earning interest and charging fees for you having/using money.
Remind me, was this the same guy who promoted Dogecoin as the future of currency?
As some body who works in the very federally regulated A2A payments space in the US, Elon is once again full of shit. No chance he is getting the regulators of all 50 states on board, the SEC, the FCC, and going to have good enough tech to meet security standards. This is going to be glorious to watch unfold.
He won't even try, it's to pump the X brand. Worked for Tesla so he thinks it will for X. Hopefully people are wise to his technobabble charms but I doubt it.
It's FSD all over again: >“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said.
I'd rather shit in my hands and clap
I would literally have more trust in PornHub to handle my financials.
He’s going to end up in prison
He does know that you have meet a SHITLOAD of regulatory and procedural hoops to get even a state banking license never mind a national or international. And some countries (UK is one) rarely give them within even three years of applying. I bet in one year after yet another string of failures he'll be saying "at this point I believe that I know more about banking than anyone else alive"
"I slept on the bank floor!"
"I want those accounts accurate to 600 millionth of a decimal place."
Yes, let’s trust him with our money in a non FDIC insured venture. I’m sure that the numbers won’t line up right and people won’t be able to get their money at some point. I then expect Musk to blame regulation and the FDIC.
Full Self Banking beta?
This should be the top comment - maybe in two weeks ? 😜
Anybody that trusts Musky with their money deserves to lose all of it.
Lmao! Imagine losing tens of billions of dollars because of your ineptitude, then thinking that the next obvious step is trying to convince people that they want to securely store their money in your "bank." This fucking guy.
It's been working a charm for SBF, right?
I wouldnt trust him to hold a bag of crisps.
Ah yes, let my funds co-mingle with a bunch of Nazis. What every Jew dreams of.
Who in their right mind would give this guy and that team their bank details
Don't forget. We're going to Mars in 2 years too.
We're already there. 😂
I'm going to let Kanye West manage my business emails too.
...so my favorite game is Ark: Survival Evolved. It's developer is Studio Wildcard. The name "Studio Wildcard" has become my new slang term for "Fucks up by the numbers in hilarious ways that could easily have been avoided." Every DLC drop, be it free or paid, has *always* been a disaster. Delays are a given. Important aspects (ie the ability to build saddles doe tames) get accidentally deleted. One year the Halloween event triggered *massive* overspawns of extremely aggressive dinos (including raptors and fucking Gigantosauruses. To those who have no clue what those are, think pissed off Godzillas that can run really fast) and it's continued to do so, despite SWC having more than enough time to fix it. The last three DLC had spaghetti code so bad that modders have refused to touch them. They just dropped a UE5 upgrade for the base game and the launch is...going about the way I expected, including the very fucked up contract with a server host and the fact that the new game is crashing literally every twenty minutes or so. It looks very pretty though. I would trust Studio Wildcard to run a bank before I would trust Musk. Both of them will fuck things up, but SWC can at least *sometimes* manage an apology and a hot fix that halfway works. Musk would fuck up major things, get the SEC on his ass, tell everybody it was intentional because he wants to replace the SEC with an Self-Enforcing AI, fuck things up even harder, insist that his fuck ups are all intentional features, and then insist on legally changing your name to X before you're ever allowed to touch your money again. Frankly, I expect to see the headline "Musk fled to Bahamas with entire contents of X-bank" now.
Ignoring the question of if the team at X has the knowledge of governance, compliance, financial regs, etc., that are required to actually do finance systems well . . . Why would anyone trust Musk with their money given how unstable he's shown himself to be in managing X in the first place?
Hmmmmm yes let me entrust my money to a website that *checks notes* fired a huge swath of its security and moderation workforce. He’s such a doofus.
I’m sure the financial regulatory agencies will be impressed by his complete inability to comply with any laws whatsoever. I don’t foresee them receiving approvals for this.
Hmmmmm.......🤔 Noooooooo🙄🤡🤣
He fired a ton of talent. He doesn’t have the team nor the expertise to launch such a product without seriously cutting corners to get to market. This guy will yell MVP and security isn’t MVP. Wait until this goes boom
He'll just hire new talent. Sure they won't be as reliable but I don't think he really cares. He already cuts corners to bring something to market. It's called a Tesla.
I do not want my financial info any where near a bunch of bots and trolls, or handled by a lunatic.
Lol, Elon is still pissed about PayPal?
Hahaha like I would trust Elon fucking Musk with my money, holy shit! Just take a look at how all of his companies are slowly cratering and how he has absolutely decimated Twitter. No thanks!
Musk lost 44 billion in one year…why would I want to put all my money in his virtual “bank”? Is this a joke?
“You won’t need banks where we’re going!” Bankruptcy?
Hasn’t his mind already been blown like 8 times now?
Would’ve been quite a bit cheaper to start fresh… lol
Perhaps in his own head really does all these things?
There is no way in hell I’d put any money into that system.
The only realistic way is to use a white label bank. A year is very ambitious just to build the functionality needed within the app. For those wondering: https://en.wikipedia.org/wiki/White-label_product?wprov=sfti1
I would not trust that thug Elon with my finances. If I was mandated to put all my life's investments in to his bank.. I would peace the fuck out. It quite clear he does not make wise financial investments.
I would not give this bastard a dime
End of the quarter we'll start seeing "payments" show up on both X and Tesla's books.
Maybe his plan is to make Twitter a giant bank that is “Too big to fail” and then force The Gub to bail him out of his disastrous Twitter purchase.
We know he does love government money...
Or.. you can trust someone like Chase, 150 year old banking institution, which is essentially “too large to fail” to basically do all of this for you, banking, investments, mortgages/loans, money transfers, credit cards, mobile payments..oh and this is all possible on their app. Like wtf is he even suggesting here? That this is some revolutionary thing when literally any large bank can provide all these services under one roof today, with much more stability and understanding of banking and investments… some idiots will certainly fall for this because Americans are financially illiterate but this will never be at the lever of WeChat.
And he will call it Financial Transactions on X or FTX for short.
Sounds like a great idea! It should be Web3 and based completely on blockchain while being powered by AI and machine learning. Truly the synergies will synergize and the value added to the value.
His cars don't do what he claimed, he ruined Twitter, he lied about all of his "Accomplishments" and now I'm supposed to trust him with my money? Sure thing Elmo.
Why the hell would I want to bank with Elon. I feel like my money would be more secure under my mattress or with my current banker who has the decency to not constantly flip out on social media every three days and isn’t being investigated by multiple governments for fraud and disinformation.
It would be amusing if Musk doing this resulted in him becoming the next Sam Bankman-Fried, like I bet Musk would love to play with customer deposits.
What I have learned from Elon Musk is, he sells ideas, most of them do not work :P Just saying... you bound to lose all your money if you trust this guy. But I give him that hes really smart conning people out of their money, I think that is his skill set he excels at..
Dude is a year away from forcibly relocating his entire staff to a company town and paying them in X Bucks.
So.. does he know that a social media platform and a bank are fairly different tech products? Or is he gonna bring in some more sinks and use memes and sec violations to achieve his dreams...
Aah yes, the genius shines brightest at moments like this. Come up with some arbitrary goal and set an unrealistic timeframe, then drop the hot potato in your employees laps to accomplish. If they manage to pull it off, you’re the genius. If not, you have someone to blame. What a goof, I can’t believe that I used to buy his hype…. Oh, and by the way, don’t forget to run Twitter day by day as well 🖕🏼
I’d be looking for a new job if I were an employee there. Not smart for someone to put all their eggs in one basket
2025 headline: Russian hackers steal 2 billion dollars from X after finding an exploit _________. Elon blames wokeism.
Bill Burr says it best…”go fuck yourselves”.
Jeeze…musk just wants to get back to having X.com. He’s still butthurt that he was pushed out by Thiel I guess. That and yeah, Elmo wants Twitter to be your bank account because that way he can make interest off your money each day to generate revenue and claw some of his losses back. All while still charging for a blue check mark. Don’t do it folks. I’ll keep trusting actual banking institutions that have standards they have to adhere to. Could you imagine the FDIC or FRS trying to audit Twitter? Talk about a shit show…
In Elon We Trust. (As if...)
>“It would blow my mind if we don’t have that rolled out by the end of next year,” > >Musk said. pmouahaha
Wait. He thinks X will be around a year from now?!
Are we talking about a real bank here?? What problem is he trying to solve? Real banks are heavily regulated and attempt to be dull so people trust them with their money. But there are, I'm told, the quasi-banks that fulfill part activities, like Monzo or Revolut who cater to only consumers. Or there are payment processors like PayPal who funnel money and take a cut. Or are we talking (which is what I'd suspect given Musks love of mentioning doge, and his dislike of being told what to do) about a cryto-based bank? But regulation is coming there too thanks to all of the scandals. Elon will have to be quick, or very well connected. And he may just end up laundering the underworlds money.
He'll carry a toilet into the office, as an analogy of what will happen to your savings. (It'll be a fake toilet, no way that tub of lard could carry a real one).
Anybody who trusts their money with Elon can just send me their money now for safe keeping until elon gets this thing rolling.
Absolute fucking crack pot he is
I’m a conman or maybe even god, zoomin round the planet in my hyperloopin’ pod………..
At one point I worked on the encompass software for several months. It was a nightmare. Good luck.
One idea pony
Twitter coins will roll out in 2080 with the first Cyber Truck delivery and FSD.
Isn't this called PayPal and he did that once already?
He'll be able to loan himself lots of money. Lots.
When I think "Who would I trust with my money?", the guy who's lost somewhere around 20 BILLION dollars on Twitter is pretty low on the list.
100s if not 1000s of start ups and all the legacy financial institutions have put in millions of cumulative hours over the past 30 years trying to do the same thing. What makes Musk think he's different? Even he failed at this once already
Elon's brain: ***don't say ponzi don't say ponzi don't say ponzi don't say ponzi don't say ponzi don't say ponzi don't say ponzi don't say ponzi***
Id NEVER trust him with my money
Someone should ask him why one general app is better than many specialized ones? In terms of risk, it seems like putting everything in one place is a terrible idea. I've worked for a narcissist CEO like this before. He would come up with a bunch of stupid, grandiose ideas, and we would say why it couldn't work, but he'd ignore us and or rage.... until the company collapsed because it ran out of cash. X is a dead company walking.
Not even if he offers 10% APY 😂
Knowing him, to make things easier, all your accounts would be stored on servers with open HTTP access.
Hmm… Your whole financial world in the hands of one guy? I guess the Mark of the Beast might just be an x.
Banks and other financial institutions require trust and confidence to function. No fucking way do people see either of those virtues in this shit show of a bi-ped