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
    614·
    1 year ago

    He is the absolute worst at managing his money

    I mean he might suck in many ways, but thinking he’s bad with money disregards reality in an extremely profound way.

    edit I’m flabbergasted that this can be controversial

      • 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.

      • fosforus@sopuli.xyzEnglish
        26·
        1 year ago

        It’s of course possible that he used to be good with money and currently is bad with it. But you just don’t get to that #1 spot with just pure luck – unless we go philosophical and think of everything being based on luck.

        • CileTheSaneEnglish
          3·
          1 year ago

          When you inherit a ton of money and invest it in every stupid idea you have…

          With enough time and money eventually you’ll stumble into something successful by pure chance. That doesn’t mean you’re good with money, just that you got lucky.

          You don’t hear about the people who inherited daddies money and proceeded to slowly go broke with no successes to speak of.

          The evidence of Elon’s poor business decisions speaks volumes towards “being wealthy doesn’t mean you’re smart, it just means you got lucky.”