Elon Musk to employees: In a year, X could replace bank accounts | Mashable.
Elon Musk wants Twitter / X to replace your bank account. Here's how it'll work.
Elon Musk. Credit: Bloomberg via Getty Images. |
Elon Musk plans to turn X, formerly Twitter, into an all-encompassing financial hub that will fully replace the need for banks. And he plans to do it in a year's time.
Musk shared his ideas in an all-hands call with employees on Thursday. The Verge heard the call's audio recording and was the first to report it.
Musk plans to pivot X into fintech
Musk shared his ideas about offering several financial services on X before. In fact, he said it in his very first meeting with Twitter employees, but it looks like his ambitions have continued to grow.
"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," he said on Thursday. "It would blow my mind if we don’t have that rolled out by the end of next year."
It's no secret that the somewhat hasty rebranding of Twitter harkens back to X.com, Musk's online banking project that merged with Confinity in 2000, which later became PayPal. And Musk believes his original vision for X.com is still feasible.
“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000," he said. "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."
In other words, loans, debit cards, savings – as well as the ability for users to send money to each other regardless of where they are – may all be under X's umbrella one day.
In a recent blog post, CEO Linda Yaccarino briefly mentioned payments. "We want money on X to flow as freely as information and conversation. We have already secured first money transmitter licenses in several states, and we are moving toward launching a global payment system – more soon," she wrote.
Musk's ideas don't sound that otherworldly when you consider services such as WeChat, a China-based social media platform that also offers money transfers, payments, and other financial services. But it might be a tall order given that X's daily active users are reportedly plummeting. Additionally, convincing users to switch to its paid tier has been challenging.
X claims that Premium subscribers spend three times longer on the platform than non-subscribers. Perhaps tellingly, the company doesn't mention how many Premium subscribers have signed up so far.
In one year Musk has paid 44 billion for Twitter, which was worth 30 billion, and is not worth 15 billion. And he wants your money in a Twitter bank. Well, Trumpers, have at it. Support your sage. But, first check with Donald to make sure it's okay.
ReplyDeleteAs trustworthy as a trump.
ReplyDeletego find someone else to rip off musk, I'm not buying it
ReplyDeleteLol, who would have that guy in charge of your money?
ReplyDeleteHe's a bottom feeder.
ReplyDeleteSo he wants to try to do what he first tries to do many years ago. Sure it’ll work out this time. Especially since there’s soooo many others out there now that do it. But I’m sure it’ll be a success unlike before.
ReplyDeletePayPal was successful though
Deleteyou must not know the whole story. Of PayPal. He didn’t create PayPal.
Deletehttps://money.slickdeals.net/.../did-elon-musk-found-paypal/
Deletehe also was very quickly outed from CEO of PayPal after the mergers. That’s why it’s successful.
Sounds like a great idea!
ReplyDeleteRight…..count me OUT!
ReplyDeletenegative interest - your account will shrink right into his overinflated pockets and ego
ReplyDeletenothing more than what is already being very wrong with regular banks..
ReplyDeleteThis guy made paypal once remember?
he wasn’t one of the founders of PayPal. His company was incorporated into PayPal.
ReplyDeleteAnyone trusting Elon musk with their money deserves to lose it.
ReplyDelete😂🤣😁
ReplyDeletewe can literally hear each other LOLing ...
ReplyDeleteI don't know if X should replace banks...but something should. Banking is a one way street where all the benefit goes to the bank and we are stuck with it.
ReplyDeleteYes, because Elon musk is so altruistic and would certainly not charge any fees
Deleteagain, my statement was that something should replace banking. I thought my lack of a Musk endorsement was evident, but...
Deletereinstating Glass–Steagall and outlawing stock buybacks would fix a lot of issues with banking.
Deleteyeah, I think the whole system is a little out of control. We essentially pay the bank to hold our money, where they used to pay us. They lend it to other people and rake in interest and fees, which primarily come from the disadvantaged.It's very difficult to manage life without some kind of bank account. They have made themselves indispensable. I think that many banks are just a step up from the check cashing places
Deletecheck out, www.Wise.com they do already a few years a very good job and worldwide.
DeleteReady...Fire...Aim!
ReplyDeleteI'm sure he does....
ReplyDeleteSo he basically want to Launch another revolut 🤣🤣
ReplyDeleteGiving Elon access to my money, that won’t happen.
ReplyDeleteNot sure Elon is the best source to hold my money. PayPal experience or not.
ReplyDeleteHello 👋 Ma'am
DeleteYou all laugh. Just like you laughed when Venmo came out with sharing transaction information with friends and family, or even with strangers. Now Venmo is worth almost $40 billion.
ReplyDeleteVenmo didn't have the upfront lack of trust mountain to climb.
DeleteI dont even know who the CEO of Venmo is but I bet he’s no where near as mentally ill and unstable as Elon.
DeleteWho laughed at that? It wasn’t even the draw of Venmo. Venmo’s draw was fast easy transfer with no fees, not the “sharing information”. Venmo was also purchased by PayPal less than 5 years after its founding and at the time you didn’t have CashApp, Zelle, Apple Pay, etc. Trying to compare Venmo’s inception and growth a decade ago to this is the real laugh.
DeleteSo yes, we are all now laughing at the idea that Twitter, with its dying user base, is going to enter a crowded space, filled with established players, with absolutely nothing to differentiate it.
Now kindly show me all the people who “laughed at” the idea of Venmo back in 2009
In Europe we just do bank transfers every day.. we can use QR codes etc. Why any European would go to an unsecure third party app where our banks apps have more and better native features. Venmo has no sense in Europe..
DeleteAnd we still don't deal with venmo. No need.
DeleteI am a private mental health practice. It's the easiest way for my clients to pay me. No fees. You can male the transaction private.
DeleteIn Europe we just do that with our bank app.
Deletewe just send an e-transfer to whomever they get notified via SMS, email or both. Venmo offers nothing in Canada either
Deletehope we didn't hurt your elon fan boy feelings
Deleteand I don't use that either. Still laughing
Deletehe literally said it’s not just “sending money to friends “ in other words Venmo 🤦♂️
DeleteExactly. There's no need to reinvent the wheel, which is exactly what Elmo is trying to do.
Deletecame for the comments, you did not disappoint! I am lol'ing with all of you.
ReplyDelete0% chance 🤣🤣
ReplyDeleteHe can't even figure out Twitter but he wants bank control? I know people can be stupid, but come on.
ReplyDeleteHello 👋 Ma'am
Delete"Wants"
ReplyDeleteConsider your mind blown. We all just watched you take a successful business and run it right into the ground.
ReplyDeleteIt would blow my mind if anyone would use X/Twitter for banking.
ReplyDeleteHard pass. Fix those broken electric … no battery operated cars and some other issues. This twit had his last tweet.
ReplyDeleteNope.
ReplyDeleteElon Musk’s new ventures are pretty much a litmus test for identifying people bad at personal risk assessment.
ReplyDeleteFix Doge first…
ReplyDeleteAll of his cult members that are paying for check marks will fall in line and hand him their money.
ReplyDeleteElon Blofeld can want what he likes, not going to happen though.
ReplyDeleteThe dude is like a James Bond Super-villain.
ReplyDeleteYes thats a great terrible idea
ReplyDeleteFINALLY mellicans wake up to why he bought twitter
ReplyDeleteIt's just like banks, etc. They don't have to hold the money, it just has to travel through their system, they get credit for money laundering then get more credit against it to keep making wealth.....
ReplyDeleteHe has trouble keeping his own money around so he's the last guy we want touching our money. The dude got ripped off when he bought Twitter!!
ReplyDeleteOh hell no.
ReplyDeleteHello 👋 Ma'am
DeleteThe Dr. Evil pic is sending me
ReplyDeletehttps://media1.tenor.co/images/0a3e269178d8bb4bb4d64c127af90e77/tenor.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=21256941&fbclid=IwAR1-UYPqzwlRznBz8WuN5x0PCxqJbx9gj4jLXKmKpGUNLbxzk2c2jJ18Is8
ReplyDeleteMy God! Skynet is self aware from day one! 😮
ReplyDeletehttps://media1.tenor.co/m/CXOCQLxK-u0AAAAd/thats-a-hard-pass-david.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=20759567&fbclid=IwAR13wUMxTSRRjJWAAv4n97JqrkpZpIAPPQ2hpwhA0ScFtncX7RNSxdJfJmE
ReplyDeletehttps://media1.tenor.co/m/d22AGuh5BJ8AAAAd/jermichael-no.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=13258723&fbclid=IwAR3wQ-3I6NNZbe_Z9uwQNABj9vbUB8m9xqnAGSsVT2BbwIcrstTYIdEJD_E
ReplyDeleteYes. Because of course I trust him implicitly with my financial wellbeing…
ReplyDeleteThat’s a hard no
ReplyDeleteThis is just comical…
ReplyDeletehttps://media1.tenor.co/m/Z4MF1ypdKdUAAAAd/not-really-john-wick.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=201129932&fbclid=IwAR1aHindHrldMYC62zhZkFnFaHgUzt2zhs59A9xea7RB8kOXzYoxZF3GmwE
ReplyDeleteWhat could go wrong?
ReplyDeleteNope
ReplyDeleteA lot of magats will fall for it
ReplyDeleteIf they haven’t already donated all their money to the trump defense fund.
DeleteHahahahaha
ReplyDeleteThanks for your lovely comment kindly send me a message on my messenger right away thank you.
DeleteNo thanks. Cannot stand him.
DeleteSomeone’s off their meds again
ReplyDelete🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
ReplyDeleteYeah I bet he does ...
ReplyDelete#Orcawacacaca #MonsterWaterTour Chemguins,,,
ReplyDeleteya ok
ReplyDeleteDaddy issues
ReplyDeleteSeeing how he handled Twitter, I think his mind is blown on a daily basis
ReplyDeleteHard pass.
ReplyDeleteFFS 😡😡😡😡😡
ReplyDeleteYes, I want the guy asking Wikipedia to change its name to Dickipedia to be in control of my funds. Sure. Great idea.
ReplyDelete😂🤣
Delete"Elon Musk wants your bank account to help him pay for his Twitter/X purchase. Trust him."
ReplyDeleteBeing back cash and gold!!
ReplyDeleteNever
ReplyDeleteOh hell no. That ain’t happening.
ReplyDelete🤯
ReplyDeleteI don't want anything that belongs to me anywhere near that man.
ReplyDeleteHe Will keep changing name so you can't find your deposits! 🤣🤣🤣
ReplyDeleteBlahahahaha, No Frickin Way!
ReplyDeleteAbsolutely not. Never. Seriously?
ReplyDeleteI wouldn’t trust this guy, with even five cents of my money
ReplyDeleteMegalomaniac...
ReplyDeleteYeah no…
ReplyDeleteI would absolutely trust Elon Musk with my money. 😂
ReplyDeleteCame here to say exactly that. 😂
DeleteI'd love for him to be proven wrong yet again and for it to blow his mind (all over the wall)
ReplyDeleteHe’s interest in disrupting traditional financial systems, and he has previously mentioned his dissatisfaction with certain aspects of banking.
ReplyDeleteTotally insane
ReplyDeleteHard no
ReplyDeleteRiiiiiiggghhtt
ReplyDeletei heard he hates bots and walks around all day wishing he could punch every nazi he sees tho
ReplyDeleteElon is on crack. I will trust CashApp before how he broke Twitter when it comes to my money.
ReplyDeleteI would hug a leper before I gave him my money.
ReplyDeletehttps://media1.tenor.co/m/x8e_ocO55ZQAAAAd/no-way-dude-no.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=22941840&fbclid=IwAR0nhSOrR4GkKOgVHlLlrGIN34BFj8aOSRR3APfvaI_n1ZvG1OJVMWIwO1I
ReplyDeleteSo - give him all your money and it'll all be ok.
ReplyDeleteYes
ReplyDeleteIn other words he wants to get more control over you and get your money!!!!!! Wants more power
ReplyDeletePass
ReplyDeleteNot in a million years. And I love my Tesla.
ReplyDeleteNobody on this world is going to give Elon control of there bank accounts and money .
ReplyDelete💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮
ReplyDeleteI do worry that Elon worshippers may get hurt. Based on these comments most people haven’t drank the koolaid
ReplyDelete🤣
ReplyDeleteYou already switched to using your phone to tap 2 pay without even thinking. People said the same about credit cards and crypto too.
ReplyDeleteI use a virtual credit card, a virtual bank, and, as needed, all of the existing payment apps (Venmo, Cash, Square, Zelle, PayPal) …
DeleteIt’s not the functionality it’s the cretin behind it.
NFW
ReplyDeleteThe banks close your accounts for.no reason and like to go bankrupt I welcome.this
ReplyDeletehttps://media.tenor.co/uPanX4BslYsAAAAC/agree-fist-bump.gif?t=AAYItmKcPUwFCBxjFQGIwQ&c=VjFfZmFjZWJvb2s&itemid=22328717&fbclid=IwAR2tF6mHJtFz_7dRMOWENakcX2wQyks_BnepE-bnpXWuX5n_7aRqhcA3YUc
ReplyDelete196 laughing reaction
ReplyDeletehttps://media1.tenor.co/m/h-3kruhkaEMAAAAd/no-terryleahy.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=11913225&fbclid=IwAR03EQRBOoAidetsfMUDOU_Qvb6YyBu7q65qP8JjC6OpmfMRO-So2ZrAW24
ReplyDeleteHe's pulling lots of Trumpy faces - the ticks are showing - tech blag - it's worth £billions...if you let them say it is.
ReplyDeleteNo
ReplyDeletehttps://media1.tenor.co/m/oOEFZbDbyuAAAAAd/um-uh.gif?c=VjFfZmFjZWJvb2tfd2ViY29tbWVudHM&itemid=24070471&fbclid=IwAR1KAF4woNygPpp7e1pU3H_Q44p-n1Eawe32gUxzLesIdEtzQmWmUAAmCSU
ReplyDeleteHow bout Elon Musk just replacing my bank account with his? That would work for me
ReplyDelete🤡🤡🤡
ReplyDeleteThe f it will. Don't trade with banks, anyway!! Never trade with musk.
ReplyDeleteHe’s a looney. 🤪
ReplyDeleteHard pass thanks
ReplyDeleteWhich was a concept stolen also
ReplyDeleteIs it insured like a bank? Do we get premium interest rates? Does it count towards our credit score when we need a loan? If the answer is no to any of those then no
ReplyDeleteI wouldn’t trust Elon Musk with the pens chained to the bank desk.
ReplyDeleteAnother item in his list of baloney
ReplyDelete🤡
ReplyDeletePayPal was a great system? Why not recreate it?
ReplyDeleteNow hold on! Lol that’s a hard no!
ReplyDeleteThis world just keeps getting more ridiculous !
This is a guy most people don’t trust to manage 280 characters, who expects to be trusted with holding on to people’s finances. And looks like this picture.
ReplyDelete🤣🤣🤣
We’re losing control of the dollar, I don’t think this will save it
ReplyDeleteImmediately no, immediately no
ReplyDeleteGo play with machines Elon, you don't do well with people.
ReplyDeleteWouldn’t trust his management style with my $ for a second!!
ReplyDeleteLol I shot coffee out of my nose when I saw "by the end of next year", with 1000 missed predictions under his belt you would think he would stop, but nope not this guy lolz.
ReplyDeleteThat's never going to happen.
ReplyDeleteYeah, because Elon Musk is someone I'd trust with my bank account information .... /s
ReplyDeletehahahahaha
DeletePass
ReplyDeleteGive me control over your financial future, what could go wrong!!
ReplyDeletehttps://media.tenor.co/98pMhKdjnVcAAAAC/nouns-dao.gif?t=AAYItDb_qbMIWocqZwhieA&c=VjFfZmFjZWJvb2s&itemid=200752380&fbclid=IwAR2a44pkhePX-rmzO7aRwi-sivXqxjDaYMFC9-RgN_2OfsADNxE9exMV-Qc
This is like giving the Nigerian Prince your money…or even worse?
ReplyDeleteLol
ReplyDeleteUh...that would be a hard NO.
ReplyDeleteThanks for your lovely comment kindly send me a message on my messenger right away thank you..
DeleteGood luck, Elon. No way X will be replacing my bank account. Ever.
ReplyDeleteNot a chance in hell, Elon.
ReplyDeleteThe man who has lost billions through mismanagement wants us to entrust our bank accounts to him. I think not.
ReplyDeleteTwo words. The second one is 'off'
ReplyDeleteSomeone give me the contact of this man's drug dealer.
ReplyDeleteNo effing way is he getting it
ReplyDeleteIs he purposely trying to look like the Hollywood version of a stereotypical evil genius??
ReplyDeleteHere’s how it’ll work? It won’t work.
ReplyDeleteNo f***ing way
ReplyDeleteHaving spent a lot of time in China and seeing WeChat and AliPay at maturity, it feels like going back in time coming home. ApplePay has made some progress but not even close to the potential. It will happen here. Question is only who will do it. And they key is who can verify online identity at scale.
ReplyDeleteNope, no, negative, negatory, nah, never
ReplyDelete🐂💩 Wouldn’t trust Elmo to change my cat litter box …
ReplyDeleteHAHAHAHA! Abso-fckin-lutely not.
ReplyDeletehttps://giphy.com/gifs/chicken-kill-twice-SdYnnxQ30OahG
If he wants to build s fintech company fine...build one but dont use twitters's source of personal info to help instantly create one. It's not what a social communication platform is about. It's a flat out abuse of the info provided to the company formerly known as twitter.
ReplyDeleteElon already lost me as a Twitter user. The odds of me giving him access to my bank account is zero.
ReplyDeleteUm, no - just hell no!
ReplyDeleteLike I would ever trust him with my money. 😂😂😂
ReplyDeleteHell no
ReplyDeletenah, thats a conspiracy
ReplyDeleteI'd rather see this: 👍
ReplyDeletebeing replaced to this: 🖕
Cheers!
Yeah….no.
ReplyDeleteWhat drugs does Elon take .
ReplyDeleteApparently, all of them.
DeleteAll the drugs.
No
ReplyDeleteWho in their right mind would let this clown touch their money?
ReplyDeleteHeck No.
ReplyDeleteElon still hasn’t gotten the message that half of the voting public doesn’t like him and won’t buy or use his products because of him.
ReplyDeleteHe’d be selling more cars if he’d just keep his mouth shut and didn’t buy and ruin Twitter / X.
The evil scientist photo of Elon is so apropos
ReplyDeleteLast guy I would trust with my money 😂
ReplyDeleteThe trump.of technology. No thanks!
ReplyDeleteThe jerk will for sure never get my business!
ReplyDelete🖕🏼
ReplyDeleteCount Dracula wants you to turn over your money to him before he sneaks off to Mars……. What could possibly go wrong?
ReplyDeleteErrrm. I am going to go with a “no thank you”.
ReplyDeleteSounds like a crime in the making
ReplyDeleteWon't happen to my bank account.
ReplyDeleteHe can just get stuffed. Go away
ReplyDeleteElon Musk just pissed away $44 BILLION dollars on “Twitter” … instead of building … say, several children’s hospitals.
ReplyDeleteWhy would I ever trust this man about anything, ever?
To trust this fool with anything is ludicrous. Twitter is failed.
ReplyDeleteOh screw that ,all ultra rich people have one thing in mind control and act like God. Which they are not
ReplyDeleteYea, MAGA crowd, give him your money! Will do same as Twitter stock.
ReplyDeleteSounds like a great way to launder some MBS/Saudi or Russian cash.
ReplyDelete