Elon Musk gives X employees one year to replace your bank
Elon Musk gives X employees one year to replace your bank
Elon Musk envisions X as the core of your financial world, taking care of anything related to money in your life. He shared this vision with X (formerly Twitter) employees during a meeting, where he announced that these features should be up and running by the end of 2024. He emphasized the power of...
Musk clarified, “When I say payments, I actually mean someone’s entire financial life. 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.” Musk’s remarks were obtained from an audio recording of the meeting.
Don't use regulated banks and securities brokers, just give all your money and securities to Elon Musk's new unregulated shadow bank / broker that used to be a functioning social media platform to look after! This sounds a lot like Sam Bankman-Fried's pitch to investors about FTX* and Elon is about as trustworthy as Sam, right? I mean, close to it; Elon isn't that much more untrustworthy than Sam. What could go wrong?
*“I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a banana. You can do anything you want with your money from inside FTX” ~ SBF
This doesn't sound legal, probably unconstitutional.