3 ms·

Elon Musk's X begins its push into financial services with Visa deal

15 points by healsdata 2y ago

Rzor 2y ago
I wonder how Wall Street feel about this. China has a complete blend between finance and tech behind their super-apps, but I don't think that's the case in the US yet.
- ceejayoz 2y ago
  > I wonder how Wall Street feel about this. "lol", I suspect. Given X's track record so far on this.
- JumpCrisscross 2y ago
  > wonder how Wall Street feel about this Wall Street refers to securities. Investment banks. Robinhood, crypto, et cetera have been pots of profits for Wall Street. X, so far, a bit of a stain, but if it increases demand for crypto and day trading, that’s pure profit for the banks.
- pestatije 2y ago
  no interest whatsoever...their shit worried about his policies
mac3n 2y ago
payment recipient is "fully verified"?
thesuperbigfrog 2y ago
It seems like a really bad idea to combine finances and "free speech" under one company, especially with all of the other volatility seen in US politics. What if you use X Money to pay bills and then you post something the platform owner disagrees with, what would stop them from preventing your payments from going through? There have been reports by some X users discovering that their account began automatically following other accounts, seemingly as part of a political agenda. (Similar things were also seen on Meta / Facebook.) Would X Money do something similar and have users automatically make a small donation ($1 or so) to a political cause or candidate?
uberman 2y ago
Ultimately all large companies become banks. For example, airlines likely make more money off of their credit card programs than they do with flights: https://www.cnn.com/2024/09/08/business/frequent-flyer-programs-airlines/index.html https://www.cnn.com/2024/09/08/business/frequent-flyer-progr... Elon just wants in.
LightBug1 2y ago
So if I criticize Musk, he'll lock my bank account like he takes away blue checks on a whim! Wouldn't touch any of this with your barge pole let alone mine.
- zfg 2y ago
  Yes, Musk issued that general threat to everyone a few days ago: https://x.com/elonmusk/status/1883416606933680469 https://x.com/elonmusk/status/1883416606933680469 "Nemo me impune lacessit" means "No one provokes me with impunity". Not someone I'd trust with my finances.

15 points by healsdata 2y ago

Rzor 2y ago

I wonder how Wall Street feel about this. China has a complete blend between finance and tech behind their super-apps, but I don't think that's the case in the US yet.

ceejayoz 2y ago
> I wonder how Wall Street feel about this. "lol", I suspect. Given X's track record so far on this.
JumpCrisscross 2y ago
> wonder how Wall Street feel about this Wall Street refers to securities. Investment banks. Robinhood, crypto, et cetera have been pots of profits for Wall Street. X, so far, a bit of a stain, but if it increases demand for crypto and day trading, that’s pure profit for the banks.
pestatije 2y ago
no interest whatsoever...their shit worried about his policies

mac3n 2y ago

payment recipient is "fully verified"?

thesuperbigfrog 2y ago

It seems like a really bad idea to combine finances and "free speech" under one company, especially with all of the other volatility seen in US politics. What if you use X Money to pay bills and then you post something the platform owner disagrees with, what would stop them from preventing your payments from going through? There have been reports by some X users discovering that their account began automatically following other accounts, seemingly as part of a political agenda. (Similar things were also seen on Meta / Facebook.) Would X Money do something similar and have users automatically make a small donation ($1 or so) to a political cause or candidate?

uberman 2y ago

Ultimately all large companies become banks. For example, airlines likely make more money off of their credit card programs than they do with flights: https://www.cnn.com/2024/09/08/business/frequent-flyer-programs-airlines/index.html https://www.cnn.com/2024/09/08/business/frequent-flyer-progr... Elon just wants in.

LightBug1 2y ago

So if I criticize Musk, he'll lock my bank account like he takes away blue checks on a whim! Wouldn't touch any of this with your barge pole let alone mine.

zfg 2y ago
Yes, Musk issued that general threat to everyone a few days ago: https://x.com/elonmusk/status/1883416606933680469 https://x.com/elonmusk/status/1883416606933680469 "Nemo me impune lacessit" means "No one provokes me with impunity". Not someone I'd trust with my finances.