Where Google Failed; The Banker Elon Musk To Wishes To Take On Dimon
by upasana sarbajna Business 26 July 2023
The grand vision of billionaire Elon Musk is to convert Twitter into an all-rounder shop for all financial services. This, however, is not the first time that the technical giant has sought to take on Jamie Dimon’s turf.
Facebook had spent years in a project known as the Libra, which was supposed to bring revolution to cross-border payments; however, statutory scrutiny forced it to drop the push. Google had also planned for a digital financial offering, where it even lined up 11 banks that were ready to partner before it suspiciously nixed the whole plan.
Amazon.com Inc. had also considered offering checking accounts to its customers, yet that idea never really became a reality.
However, Musk differs from other technical executives in many ways. His business decisions can really be considered to follow the path of predictability- proof of which is the shocking Twitter move, including dropping its iconic blue bird logo for the alphabet X.
He also has experience in financial technology, having found the firm that is now known as PayPal Holding Inc.
“I’m not saying at all that he can’t do it. But it’s something that takes time and it’s something that takes investment because you have to make sure that you do things right in order to stay compliant globally.” – Pranav Sood, Executive General Manager, Airwallex.
The X-App envisioned by Musk will connect the underlying infrastructure of Twitter with X.com, a web address that now operates as a routing service for Twitter, and layers multimedia, communication, and “the ability to conduct your entire financial world.”
In the messages that were posted to support Musk’s haul, the Chief Executive Officer of Twitter, Linda Yaccarino, said, “X would include fintech features such as payments and banking. Twitter has already snagged money-transmitter licenses in four US states — Arizona, Michigan, Missouri, and New Hampshire.”