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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.’ (www.theverge.com)

submitted 1 year ago by [email protected] to c/[email protected]

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“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!

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[–] [email protected] 21 points 1 year ago (2 children)

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.

[–] [email protected] 1 points 1 year ago

He bought twitter to follow the same path WeChat did.

[+] [email protected] -12 points 1 year ago (2 children)

I'm with you on alot of this.

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

[–] [email protected] 15 points 1 year ago (1 children)

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]

[–] [email protected] 1 points 1 year ago

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]

I think this quote proves the point I'm making.

Sorry for saying it was PayPal directly he founded, but it seems they pretty much bought the platform from Musk at put another label on it. (and ofc added to it)

[–] [email protected] 4 points 1 year ago

Why do people claim he did. He didn't