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.’

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.

I'd rather let a crack addict manage my money than let Musky any near it.

Is it possible to remain subscribed to Technology but not get posts about this person?

There are going to be a lot of people saying how stupid this entire concept is in the comments.

Let me tell you something, as a person who spent years in finance. There's no fucking chance on Earth this happens. You will win the Powerball twice consecutively before Musk pulls this off.

None of this infrastructure exists in X and all of this infrastructure is exactly the kind of shit Musk hates. Automobile regulations are fucking nothing compared to financial regs.

Adoption aside, which you'd have to be fucking insane to adopt this platform as a payments platform, the regs alone will ensure this never, ever, materializes.

What Musk describes will someday exist. He will not be involved, and the day is well over a decade away.

This is "Kanye West running for President" level of stupidity. The people close to him have let him down by not telling him how stupid this is.

“Money or securities or whatever.”

Spoken like a true genius. /s

Keep burning your money, Elon; I can’t wait until you’re poor enough that no one gives a fuck what your latest horrible hot take or idea was. You won’t be missed.

Oh boy, if Elon Musk has trouble dealing with regulators and oversight agencies when managing his car company or his social media company, imagine what a wakeup call it's going to be when he wants to start dealing with banking regulators. 0% chance he doesn't run afoul of them in the first year trying to run his business by the seat of his pants like he does with all the others.

Yet another half-baked idea to spill out of the mouth of this fucking moron with too much money for his own good.

You won't need a bank account because all your money will be stored in my account 🤣

it will blow my mind if Twitter even still exists by then.

Prediction: He's going to try to pay his employees in Xits: Your going to negotiate a salary based on a floating exchange rate with a new cryptocurrency and then when it starts to tank he will refuse to renegotiate based on the fact that its headed for the moon!

All the evidence suggests he can't be trusted with his money, let alone my money.

My girlfriend has a theory that he's trying to destroy the platform deliberately. I disagreed with her until he renamed it to X lol

I am so sick of hearing about this cunt.

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.

Buy a social media company because you know there's no way you'll ever make one naturally

Claim that it's too full of bots and try to walk out, despite having already signed the deal

Treat your new employees almost like slaves because apparently sleeping at the office is a reasonable proposition

Rebrand the social media network for no good reason, tanking value

Drive advertisers away by changing the algorithm that helped make site so good

Lose millions in company net worth and become an internet laughing stock

...Have the bright idea to save the company by also making it a...... banking provider....

?!

It's the return of company scrip.

The most-garbage/toxic notion of tech platforms these days is when they masquerade as tech platforms but are really unregulated banking platforms.

Dumb idiot who constantly is wrong in predictions says more stupid shit, news at 11.

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I'll just go on the record right now and say I'm never using XitPay or whatever he decides to call it.

It's strange, because I wouldn't, not even for a moment, ever in my life consider this.if I feel this way, so does a large chunk of the population.

So its already failed imo.

Every time that dude gives another "vision of the future" it just sounds worse and worse.

I don't want another commercial bank but on the internet. I want more non-profits. I don't want self-driving cars. I want better public transportation.

Lol, yeah, this sociopath is going to develop a full suite of banking services and software in a year while laying off employees, sure.

At this point I'm surprised that "X" has employees.

Bitcoin, Dogecoin, Tesla stock, nfts, x/ai subscription... He just keep ripping off dumb fanboys and it keeps working

Lets put all our money on a platform rushed in under a year made from an exhausted and abused team of engineers. That sounds like a great idea. Definitely will be well thought out and reliable.

Musk must have a fetish for having government regulators up his ass. The FTC is already up there to where he screams like a pig. Now add banking-but-not-a-bank and they're going to be up there even further.

This is exactly what he envisionied "X.com" to be back in like 1999... jesus christ, doods having a midlife crisis.

I'm gonna trust the guy who got rid of his CSAM team with my money.

I'm gonna trust the guy who pimped Dogecoin with my money.

I like my credit union.

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.

There are plenty of online banks that do all the stuff people want. So good luck with that. And enjoy all the hideously complex finance regulation & legal obligations that varies from one location to another.

It’s hilarious how Musk gives his staff ultimatums. The fact is they can get other jobs. It’s Musk who is deeply invested in Twitter now and can’t just cut his strings so easily. Why is he the one batting them around and threatening them all the time? What the hell kind of gluttons for punishment are still working there?

Cool story Elon. Hey, where's that full self driving you promised would be ready next year 5 years ago?

It continues to blow my mind that anyone cares what this fucking gasbag has to say about anything.

Sounds exactly like when your employer wants you to sign up for those stupid paycard accounts instead of fill out a direct deposit form.

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.

Musk has become erratic, irrational, and volatile. These are not conditions suitable for someone who manages other people's money. Financial institutions know this, and will not be a part of his delusions.

Elon can't even be trusted with his own money (or money from wealthy Saudi Arabian "benefactors"). Why would anyone give him their money?

It's a pretty bad idea to fire the majority of your employees if you want them to basically recreate Stripe (not just PayPal/Venmo) and somehow mush it into Twitter.

Also, that market is saturated, most banks and credit unions in the US already supports Zelle, and Venmo, CashApp, and PayPal are very estabished tech financial players in this space.

Again, if there ever was a possibility of an American WeChat equivalent to be built, the only one who ever had a chance to build it was Zuckerberg more than a decade ago, during the very short time period when the general population was adopting Facebook, but the old Facebook users have not started migrating off it. Trying to build WeChat in the US in 2023 is foolish at best.

Elon is so bad that we like Zuckerberg more than him

You know, "securities" or.. whatever. .....

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...

Ah yeah just like FSD was supposed to drive you coast to coast without intervention by end of year 2016

And then it was for end of year each year

The level of delusion of this man is through the roof

I feel like at this point Muskys strategy with X is "well I own a software company now so we'll just make all the software" with literally zero understanding of the context or how that must work.

I think it's pretty telling in some of his comments about "well my space x engineers flew a rocket so they should know how to make a social media better than Twitter employees" as if those skills translate whatsofuckingever.

He has no idea how different types of software work, the context in which they'll be used, and has no fucking clue that you can't just upend the entire global financial institutions. But his devs flew a rocket so they should be able to drive a car, write social media software, write banking software, etc because those are all just easier.

LOL... no.

So he’s suggesting that Twitter become a bank

Finally a place I trust less with my finances than Redneck Bank

I go on twitter now and 3/4 of adverts are AI scams or 2009 click bait with fuckin community notes explaining that remembering a set of politicians names is not linked to hi iq, as claimed by the clickbait advert.

Then there is the 'verified' accounts that are doing genuine harm at misinformation spread.

Yeah I'm not trusting ol musky chuckles with my money. And that's coming from someone who uses traditional banks despite having witnessed their government bail out banks multiple times after they were fucking reckless to the point of needing a bailout.

What's next? Company stores? They already have company housing…

Eventually Musk is going to have them buying 'X cookies' and 'X cereal' so that they don't have to pay them real money.

Sounds highly illegal

With clowns like this running the show stuffing your money under the mattress like the old depression-era trope seems a better and better idea. Unstable billionaires, AI being dragged into Wall Street, domestic and geopolitical fuckery…. Makes me wonder what my 401k will look like in 20 years, or even 50. Just more middle-class money propping up rich people only to be set on fire before I get to it?

Can we just change this to /c/dumbshitwitter

Lmao what the actual fuck is he smoking today? This shit is wild.

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I still have a Twitter eh I mean X account. Don't really use it that much, other than following other people. But no way I'm letting one of Elon's companies handle my finances.

Ugh, I honestly do not trust Musk to meet federal regulations for any of this.

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The thing about from financial transactions is:

a) governments will insist on regulation and influence

b) the recipient needs to use the same system.

If my landlord and my brokerage aren't on TwitterFinance, there's no way to use it to send them money

Company money? This sounds like company money.

Imagine if this guy was your boss.

I'm confused. The article keeps mention "X". What is "X" about?

Stop trying to be the Antichrist, Elon. We already hate you...let that be enough.

There is no way in hell I’d trust this chucklefuck with anything I think is important, let alone money.

People who use twitter think its totally ingrained into society and what drives all public discourse....

People that dont use twitter could give a shit, its a huge circle jerk.

Oh yeah because if anyone deserves trust in handling money it's Elon Musk. Oh wait.....

Hard to see from down here if his (mental)ballistic curve is already falling or if he's still in the zero-g phase, but kinda interesting to watch. Uuh, that'll make a loud splash when he hits the ground.

Yeah he won’t be able to do business in the uk for sure.

Is he gonna channel all that sweet income into supporting Dickopedia?

I’ll pass, thanks

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.

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.

Introducing Xcoin! Dont worry, Musk premined them all and is staking them so that you know they're high value!

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!

Nope, not even for a free pony.

He's trying to turn Twitter into WeChat. A near universal app everyone uses for chat, payments, etc.

I set up a play-money prediction market on whether this would happen, and it doesn’t look like many people have faith in Musk to pull this one off.

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.

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.

Fuck banks. Also, fuck whatever this is.

Let's trust all our saving to this dude making random decision, wannabe memelord, who just sank 40 billion of his own money on a bet. All that just to take revanche on PayPal who threw him out of the board because they didnt trust him and his idea to have a company called X

Looks at towering pile of timelines Musk has committed to and failed to deliver on.

I've got just the spot for this news.

It already exists, it's called Wechat. And it's run by Winnie the Pooh.

Damn, the idiot has been loose eating Tide pods again ...

Folks he is conning
Call themselves wolves, march like sheep
I do pity fools.

Ignore Elon, embrace Haiku!

Sounds to me like a attempt to move toward Scrip.

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.

This is also Apple's goal, strange they didn't pass the cap yet. Paypal was the first "digital" bank, we owe him that but to be honest, i won't put my money in a US entity. It is already difficult with most of the digital only EU banks.

🤣 he's trying to turn twitter into chinas Wechat

Pffffffffffffffffffffffffffffffffffffffffffffffffffffff 🤣🤣🤣🤣
Thanks, I needed a good laugh..

Here’s their potential path, maybe ….

I have no idea the limitations of this approach, if any, but just experienced it a few days ago. I bought something expensive online, and the timing was sensitive, else I’d lose out on a lot of money. Then I got down to the final payment. It made me really nervous and would have reconsidered if I knew about it, but the final payment could only be done through bank transfer, but they wouldn’t let me provide the standard routing and account numbers. They had a web app that brings up your banking app, has you login to that, and appears to scrape data. They were able to see my accounts and balances, as well as initiate the transfer. This was so scary, exactly like I’d expect malware to be.

Bviously I changed my passwords immediately and verified there was only one transaction and exactly as I’d expect. However yes, they controlled my bank8ng without being a bank and without any apparent cooperation from my bank. All it takes is normalizing the behavior that will get us all robbed of all we own

I would sooner let truth social handle my finances than Elon Musk

Sounds a lot like what he used to do with PayPal until the eBay enshitification, I mean sale. I'm for bypassing banks. Elon Fanboy not.

retard

Something about this doesn't seem right can't put my finger on it

Retard

retard

That's actually pretty genius, if he'd be able to pull that off (which he most likely can't). Since banks can invent money out of thin air, he can pay his employees in fictional Dollars and so save a ton on employment expenses. As long as there's no bank run, he'd be fine.

Despite my distaste for the dude, more competition is good. Imagine if he really does make cheap, near instant, worldwide transfers possible and not just to 150 countries or something, but to all of them. There's an insane amount of remittance in the system. It's the entire raison d'être for some banks. If you can enter that ranking around the middle, you'll be making mad bank.