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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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[–] feminalpanda@lemmings.world 4 points 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.