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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 11 months 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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[–] fosforus@sopuli.xyz -5 points 11 months ago* (last edited 11 months ago) (2 children)

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

[–] feminalpanda@lemmings.world 13 points 11 months ago (1 children)

He got his start by his dad's emerald mine, let's see how much he has lost over the years.

[–] fosforus@sopuli.xyz 3 points 11 months ago* (last edited 11 months ago) (1 children)

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.world 4 points 11 months 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.

[–] sholomo@lemmy.ml 8 points 11 months ago (1 children)

didn't he win a Guinness world record for losing the most amount of money by one person?. and isn't Twitter bleeding money because of his shitty decisions?

[–] fosforus@sopuli.xyz -4 points 11 months ago* (last edited 11 months ago) (2 children)

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.

[–] CileTheSane@lemmy.ca 3 points 11 months 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."

[–] sholomo@lemmy.ml 3 points 11 months ago* (last edited 11 months ago)

you might get the number 1 spot by lying to people about your success or lying to customers, it you think buying something that's worth much less than what you paid is being good with money, then sure he deserves number 1, but maybe he's just lucky that his father had money and he seems to be just an idiot