Elon Musk gives X employees one year to replace your bank
www.theverge.com
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!

  • @linearchaos@lemmy.worldEnglish
    28•11 months ago

    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.

      • FeminalPandaEnglish
        14•11 months ago

        He got his start by his dad’s emerald mine, let’s see how much he has lost over the years.

          • FeminalPandaEnglish
            4•11 months ago

            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.

          • @CileTheSane@lemmy.caEnglish
            3•11 months ago

            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.”