this post was submitted on 27 Oct 2023
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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 AnActOfCreation@programming.dev to c/technology@lemmy.world
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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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[–] autotldr@lemmings.world 5 points 1 year ago

This is the best summary I could come up with:

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.

He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge.

The company is currently working on locking down money transmission licenses across the US so that it can offer financial services.

“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on Thursday’s internal X call.

“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.

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