It already has those banklike features Musk is talking about. Under Jack Dorsey, Cash App has become a major growth engine for Block.One of the chief ones is run by someone close to him. There’s a bigger problem, though: Musk’s wannabe super app faces a ton of competitors that didn’t exist two decades ago. Can you imagine what the spambots will do if Musk waves cash money in their silicon faces? One problem with his scheme: Those $10 bonuses for new accounts? Even the modern PayPal, which tried using them again last year to boost its user numbers, found that they attracted fraudsters.Oh, and the X.com domain? Musk bought it back from PayPal in 2017.(There are a lot of licenses required to be in the money business, as Musk and his compatriots learned the hard way at PayPal.) Twitter seems serious: It’s registered with FinCEN, which helps oversee money transmitters.Musk argues that people who are paying Twitter $8 a month for Twitter Blue or earning money from new creator features will decide to just stash their cash with Twitter.(For kicks, I dug up a filing for what was briefly called the “X.com U.S.A. What’s most remarkable about Musk’s plans for Twitter is that they sound an awful lot like his X.com playbook from the turn of the millennium: $10 bonuses for new accounts, high-yield savings accounts, sending money to other accounts, and eventually checking accounts and debit cards.These apps have been successful in China - think WeChat - but not so much elsewhere, though that hasn’t stopped American tech companies from trying. Musk had been saying for a while that he wanted to turn Twitter into a super app, a do-it-all service called X that encompassed communication, news, shopping, and payments. ![]() On Wednesday, he talked up strikingly similar ploys in a Twitter Spaces chat. To learn more about how and for what purposes Amazon uses personal information (such as Amazon Store order history), please visit our Privacy Notice.A lesser man would look at the battered fintech landscape and say, “Party over, oops, out of time.” But not Elon Musk! Musk is going to party like it’s 1999, with his new toy called Twitter.Īt the start of 1999, Musk was emailing me about his plans to remake banking with a startup called X.com - plans that accelerated when he merged it with another startup that eventually became PayPal. You can change your choices at any time by visiting Cookie Preferences, as described in the Cookie Notice. Click ‘Customise Cookies’ to decline these cookies, make more detailed choices, or learn more. Third parties use cookies for their purposes of displaying and measuring personalised ads, generating audience insights, and developing and improving products. This includes using first- and third-party cookies, which store or access standard device information such as a unique identifier. If you agree, we’ll also use cookies to complement your shopping experience across the Amazon stores as described in our Cookie Notice. We also use these cookies to understand how customers use our services (for example, by measuring site visits) so we can make improvements. We use cookies and similar tools that are necessary to enable you to make purchases, to enhance your shopping experiences and to provide our services, as detailed in our Cookie Notice.
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