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.’

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• arc@lemm.ee ⁨1⁩ ⁨year⁩ ago

  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.

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  • 0x0@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

    Even Apple with its $165 billion cash reserves opted out of becoming a bank to create the Apple Card. They have Goldman Sachs to do the banky stuff. I can’t imagine trying to do this with X’s resources.

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  • xantoxis@lemmy.world ⁨1⁩ ⁨year⁩ ago

    He plans to ignore those regulations, quite obviously. He’s been ignoring laws and regulations in every company he touches. There’ll be about a month where a whole lot of money get scammed/lose access to their funds due to his mismanagement, then the federal government (actually, probably more than one government) will threaten to shut him down. Then he’ll make some token gesture to obey the law. The government will back off, but the new platform will collapse anyway and he’ll quietly pull the plug, hoping it won’t show up in a news cycle.

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    • eestileib@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      Interesting tension there between “rich white assholes are above the law” and “don’t fuck with rich people’s money”.

      SBF found himself on the wrong side of that one…

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    • Krauerking@lemy.lol ⁨1⁩ ⁨year⁩ ago

      Yup, and he will either use all the cash that people throw at him to run a stock scam or crypto scam agaim and hope to keep those profits by the time people come for the money.

      It’s like he’s running a short against all of his own followers. Tactics like a scummy scam artist. A pyramid scheme without the pyramid…
      It’s insane what influence actually will buy you if you have enough of it.

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  • Pieisawesome@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Most of those online only banks subcontract out the banking part to a real bank

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    • arc@lemm.ee ⁨1⁩ ⁨year⁩ ago

      I have a Revolut account and they’re an actual bank these days in the EU but not a bank in other places like the UK where they’re still waiting for a licence. N26 is also a proper bank in Europe.

      I think it would be madness to use a bank which is not a bank since if the platform collapses then you have no guarantees on your personal savings and the platform could be doing all kinds of shady shit a la FTX because they are not audited or regulated like a bank would be.

      I should also mention that while Revolut is a bank now, I sometimes get grief with it. e.g. I went to collect a car rental in the UK and the desk point blank refused the my Revolut card exclaiming it’s a prepaid card when it was actually a Mastercard Debit, a world elite one no less. Didn’t do me any good to argue though because they had some dumb rule and they stuck to their guns.

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• scarabic@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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?

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  • emergencyfood@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    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.

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    • scarabic@lemmy.world ⁨1⁩ ⁨year⁩ ago

      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.

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  • afraid_of_zombies@lemmy.world ⁨1⁩ ⁨year⁩ ago

    H1Bs that is whom

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    • scarabic@lemmy.world ⁨1⁩ ⁨year⁩ ago

      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.

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  • Thorny_Insight@lemm.ee ⁨1⁩ ⁨year⁩ ago

    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.

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    • scarabic@lemmy.world ⁨1⁩ ⁨year⁩ ago

      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.

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• aesthelete@lemmy.world ⁨1⁩ ⁨year⁩ ago

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

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  • yoz@aussie.zone ⁨1⁩ ⁨year⁩ ago

    Lets hope the app developers leave his company.

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• doctorcrimson@lemmy.today ⁨1⁩ ⁨year⁩ ago

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

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• linearchaos@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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.

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  • fosforus@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

    He is the absolute worst at managing his money

    I mean he might suck in many ways, but thinking he’s bad with money disregards reality in a profound way.

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    • feminalpanda@lemmings.world ⁨1⁩ ⁨year⁩ ago

      He got his start by his dad’s emerald mine, let’s see how much he has lost over the years.

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• A2PKXG@feddit.de ⁨1⁩ ⁨year⁩ ago

  Elon is so bad that we like Zuckerberg more than him

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  • systemglitch@lemmy.world ⁨1⁩ ⁨year⁩ ago

    I wouldn’t go that far.

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    • Karyoplasma@discuss.tchncs.de ⁨1⁩ ⁨year⁩ ago

      Zuckerberg is better at shutting the fuck up, which is an important skill to master when you’re a bellend.

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  • art@lemmy.world ⁨1⁩ ⁨year⁩ ago

    For some reason I read that a Zoidberg. I was like no contest! Why not zwidberg?

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  • BeneGesseritWitch@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    People have to censor their curse words in images now on facebook, trust me the zuck is not far behind the muck

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    • A2PKXG@feddit.de ⁨1⁩ ⁨year⁩ ago

      At least he understands what’s going on. I think Elon doesn’t have that level of consciousness.

      Zuck: Yeah so if you ever need info about anyone at Harvard

      Zuck: Just ask.

      Zuck: I have over 4,000 emails, pictures, addresses, SNS

      [Redacted Friend’s Name]: What? How’d you manage that one?

      Zuck: People just submitted it.

      Zuck: I don’t know why.

      Zuck: They “trust me”

      Zuck: Dumb fucks.

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• halfempty@kbin.social ⁨1⁩ ⁨year⁩ ago

  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.

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• Jakdracula@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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…

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• MargotRobbie@lemm.ee ⁨1⁩ ⁨year⁩ ago

  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.

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• atrielienz@lemmy.world ⁨1⁩ ⁨year⁩ ago

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

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  • Ab_intra@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Leverage.

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• SacrificedBeans@lemmy.world ⁨1⁩ ⁨year⁩ ago

  You know, “securities” or… whatever. …

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  • Dozzi92@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Sounds like the kind of person who says “you wouldn’t understand,” when they fail to explain.

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    • SacrificedBeans@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Seems accurate. Really repulsive.

      Generally he gives me the impression that he gaslit society into believing in his success and intellect.

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• Borkingheck@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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 has witnessed their government bail out banks multiple times after they were fucking reckless to the point of needing a bailout.

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• MedicPigBabySaver@lemmy.world ⁨1⁩ ⁨year⁩ ago

  LOL… no.

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• kumatomic@lemmy.dbzer0.com ⁨1⁩ ⁨year⁩ ago

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

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• MakeItCount@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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

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  • Cethin@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    To be fair, company script is a proven method of employee exploitation. Musk is much more likely to follow through with this on time.

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• popemichael@lemmy.sdf.org ⁨1⁩ ⁨year⁩ ago

  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.

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  • Yawnder@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    He actually wants to do what WeChat, and a few other mega applications like that do. It works in the east, but we mostly don’t want that in the west afaict.

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• Ottomateeverything@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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.

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  • themurphy@lemmy.world ⁨1⁩ ⁨year⁩ ago

    I’m with you on alot of this.

    But Elon DID found PayPal. It’s not like it’s uncharted territory.

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    • paprika@infosec.pub ⁨1⁩ ⁨year⁩ ago

      Nah, he didn’t. He started a company that later merged with the company that started Paypal. Paypal launched before he even joined up.

      What would later become PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Fieldlink, later renamed Confinity,[8] a company that developed security software for hand-held devices.[9] Having had no success with that business model, however, it switched its focus to a digital wallet.[10] The first version of the PayPal electronic payments system was launched in 1999.[11]

      In March 2000, Confinity merged with x.com, an online financial services company founded in March 1999 by Elon Musk, Harris Fricker, Christopher Payne, and Ed Ho.[12] Musk was optimistic about the future success of the money transfer business Confinity was developing.[13]

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    • CurlyMoustache@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Why do people claim he did. He didn’t

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  • Yawnder@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    He bought twitter to follow the same path WeChat did.

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• itscozydownhere@lemmy.world ⁨1⁩ ⁨year⁩ ago

  The level of delusion of this man is through the roof

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• RememberTheApollo_@lemmy.world ⁨1⁩ ⁨year⁩ ago

  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?

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• ILikeBoobies@lemmy.ca ⁨1⁩ ⁨year⁩ ago

  So he’s suggesting that Twitter become a bank

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  • Xtallll@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago

    The last x.com he “made” merged into PayPal, he’s just going in circles.

    en.m.wikipedia.org/wiki/X.com_(bank)#:~:text=X.co….

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• gravitas_deficiency@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

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

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• Desistance@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Sounds highly illegal

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  • Lizardking13@lemmy.world ⁨1⁩ ⁨year⁩ ago

    They’re working on securing licenses to move money. They’re making a financial services play (similar to what apple has done). It’s a great idea for X, but I’d never trust them with my money.

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  • MajorHavoc@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Narrator: It was.

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• afraid_of_zombies@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Can we just change this to /c/dumbshitwitter

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• LastoftheDinosaurs@lemmy.world ⁨1⁩ ⁨year⁩ ago

  A guy who probably has a thosand bank accounts is saying you don’t need one

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  • spongebue@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Hopefully he puts all his assets into this and the trainwreck quickly rusts away with it.

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• turbonewbe@lemm.ee ⁨1⁩ ⁨year⁩ ago

  I’m confused. The article keeps mention “X”. What is “X” about?

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  • Huschke@programming.dev ⁨1⁩ ⁨year⁩ ago

    No idea so I googled x and videos and found porn. That’s probably it.

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  • autokludge@programming.dev ⁨1⁩ ⁨year⁩ ago

    Maybe they are talking about that defunct bank that eventually became PayPal? Apparently Musk got booted from CEO position less than a year past launch.

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  • Archer@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Xitter

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  • chakan2@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Unsure, but he wants to give it to ya.

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  • doctorcrimson@lemmy.today ⁨1⁩ ⁨year⁩ ago

    It’s twitter but Musk lost the rights to the brand identity despite overpaying billions for every share of the company so he calls it X, now.

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• A2PKXG@feddit.de ⁨1⁩ ⁨year⁩ ago

  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

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  • gentooer@programming.dev ⁨1⁩ ⁨year⁩ ago

    If TwitterFinance is a bank you can just send money via bank transfer, right? The same way I send my friend who uses another bank some euros after a dinner.

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    • lemann@lemmy.one ⁨1⁩ ⁨year⁩ ago

      Depends on whether the twitter thing turns out to be a PayPal, Cashapp or an actual bank… if he makes it a Cashapp then direct bank transfers are off the table AFAIK

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• coffee_poops@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

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

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• Smacks@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Company money? This sounds like company money.

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  • nibble4bits@lemm.ee ⁨1⁩ ⁨year⁩ ago

    Someone ought to show him that paying employees in Scrip is illegal, because no one sees how you bank. It’s your private business. It’s not anything remotely like working at a Ford dealership and driving in with a Honda.

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• SamXavia@kbin.run ⁨1⁩ ⁨year⁩ ago

  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.

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  • slurpeesoforion@startrek.website ⁨1⁩ ⁨year⁩ ago

    He’ll just steal it. And if you fight back, he’ll sue you into oblivion. It’s the capitalist way.

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    • SamXavia@kbin.run ⁨1⁩ ⁨year⁩ ago

      @slurpeesoforion The worst bit is, the US government seem to be on his side

      @AnActOfCreation

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• PeckerBrown@lemmy.world ⁨1⁩ ⁨year⁩ ago

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

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