Elon Musk gives X employees one year to replace your bank
www.theverge.com
Musk wants your “entire financial life” on his platform.

“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!

    • fosforus@sopuli.xyzEnglish
      86·
      1 year ago

      His net worth is currently ~$250B, making him the richest man in the world. In year 2000, his net worth was some tens of millions. He certainly got a good start from his parents, but to say that the richest man in the world is “absolute worst at managing his money” is just… anti-reality.

      • FeminalPanda@lemmings.worldEnglish
        4·
        1 year ago

        From January

        Tesla CEO Elon Musk has broken a record for the largest amount of money lost by one person, according to Guinness World Records. Musk lost between $180 billion and $200 billion since November 2021, largely due to the poor performance of Tesla stocks in recent years, according to the report.

        From September

        Since Musk and partners paid $44 billion including debt, he’s implying that the platform would now change hands for $4 billion (the $44 billion purchase price minus the $40 billion in “value destruction”), for a drop of 90%. In effect, he’s saying that the $31 billion he and his partners invested in equity is totally gone, and a big portion of the debt from provided by the cream of Wall Street sits far underwater.