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.

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

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

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

Elon is so bad that we like Zuckerberg more than him

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...

So he’s suggesting that Twitter become a 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.

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

LOL... no.

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.

The level of delusion of this man is through the roof

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?

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

Can we just change this to /c/dumbshitwitter

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

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.

Seems like he is going ahead with the X "The Everything App" idea. I'm glad I use parts of the Fediverse and hope to build my own instance at some stage as I really don't want people like Musk owning my data let alone charge me for it and control my money.