“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!
deleted by creator
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…
?!
I think he originally wanted to purchase the platform during the crypto boom in order to use it to add crypto nft Doge features and then the crypto market crashed and then he changed his mind about buying it but he was contractually obligated so he bought it and ruined it and now he’s going to start a bank run on toilet sentence
His first garbage idea. He’s super nostalgic for X the platform her merged with PayPal to become super wealthy especially after the people that knew what they were doing had to pay him to leave.
Literally the same concept, name and everything. It’s like he thinks he can just start over at the first app and it just will be propped up by a corpse. Idiot.
it will blow my mind if Twitter even still exists by then.
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.
But honestly who in their right mind would trust musk with their money?!?
I don’t even trust Elon Musk with Elon Musk’s money.
Well, they can always trot out the age old strategy of paying people to sign up.
Sure, but when did bring in your right mind preclude you from being a customer? There are plenty of industries based on preying on idiots
I like my credit union.
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?
H1Bs that is whom
Yes a notable exception. Twitter was 8% H1-B employees prior to all the layoffs. We don’t know how many are there still.
Those folks are really living with a totally different level of concerns. “My boss is a raging asshole” is not a significant concern compared to being forced to leave the country.
As for the other 92% of the company with no visa concerns, why are any of them still there? I am tempted to assume they’re the coasters who don’t think they can find as good a paycheck anywhere else, or are just happy to ride the ship down.
Maybe they think the disaster will end, maybe they have families to support, maybe they would rather be fired and collect unemployment. Many years ago I worked for a company that got bought by Teledyne and they pretty much did what is happening to Twatter. I stuck it out until the end.
The fact is they can get other jobs.
I’m guessing many of his US staff are stuck at Twitter due to the visa rules. They’re basically very well-paid slaves, and he knows it.
No doubt someone is in that situation. But I don’t think most people know how rare H1-Bs are. Only 65k are issued annually in the US, which has a total employed workforce of 157 million people.
Yeah cause the most common job is truck driver.
It’s hilarious how Musk gives his staff ultimatums.
In this case he didn’t though. It’s just an intentionally misleading clickbait headline and if you read the article itself there’s no mention of a ultimatum.
You’re right but it is something he does. If he’s saying this publicly I wouldn’t be at all surprised if it’s ultimatums privately.
Lmao what the actual fuck is he smoking today? This shit is wild.
deleted by creator
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.
Even if he did all that, why would you ever give him anything?
deleted by creator
Hopefully he puts all his assets into this and the trainwreck quickly rusts away with it.
🤣 he’s trying to turn twitter into chinas Wechat
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.
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
Stop trying to be the Antichrist, Elon. We already hate you…let that be enough.
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…
