2y ago

X “unfit” for banking because of complicity in Saudi spying, lawyers argue

X “unfit” for banking because of complicity in Saudi spying, lawyers argue::Read the letter urging regulators to end Musk’s dream of turning X into a bank.

Enough Musk Spam @lemmy.world

merridew @feddit.uk

2y ago

arstechnica.com /tech-policy/2023/09/x-unfit-for-banking-because-of-complicity-in-saudi-spying-lawyers-argue/

14 comments

Aside from a bunch of sycophants and Nazis, and I'm not even sure about the Nazis, who would trust Elon Musk with their money?
- Nobody with enough brains to open a bank account. Now if by bank he means crypto wallets then I'm sure there are plenty of idiots who'd sign up.
  
  Oh absolutely the Tate bros were a surprising large group, and they suck musks dick just as much as they did Tate
Banking is all about regulations, backed by authorities with teeth.. and if his X 'vision' is to be met, regulations from multiple banking authorities around the world.. Elon has shown he hates regulations because they're biased against Nazis, or against him generally.
He wouldn't have a good time..
Wait now he wants to turn Twitter directly into his shitty banking website from the dot com bubble? Is he hoping for someone to buy him out again lol
- I think it's a midlife crisis thing. He is trying to capture his youth.
- I don’t think he ever planned to be bought out the first time.
  Per a coworker who has paid much closer attention than me, the “plan” (if you can call it that) was always to build an independent financial system that is presumably less regulated than the current one.
  The same coworker believes he bought Twitter solely for its established user base and nothing more. The “free speech” aspect was to attract people who would probably be interested in a deregulated financial system.
  
  I want to believe this, because I want to make it make sense, but honestly the simplest explanation (and imo most likely) is that he's just an idiot who got lucky one time with no plan at all
He wants to deregulate "banking" to make it like the hellscape that is crypto. Watch.
- Lose people's lifesaving and then reply with a 💩.
This is the best summary I could come up with:
Just two weeks after Elon Musk took over Twitter in fall 2022, he told employees that his big plan to save the social media platform from bankruptcy was to turn it into a bank.
These grievances, The Guardian reported, also call into question whether X "can be trusted to abide by federal and state laws protecting consumer data and records."
The lawsuit argued that Twitter violated its own ToS by sharing Al-Sadhan's account information, allegedly because the company was financially motivated not to rile the Saudi government.
While the employee spying happened well before Musk bought Twitter, Al-Sadhan's lawyers told US regulators this week that "X’s prior and current conduct deserves 'serious and careful investigation.'"
If there is no investigation, lawyers allege that the KSA could gain unprecedented access to users' confidential financial information.
They've alleged that the stakes are high because X has "acted at the direction of Saudi Arabia in furtherance of the kingdom’s campaign of transnational repression."
The original article contains 651 words, the summary contains 159 words. Saved 76%. I'm a bot and I'm open source!
You don't even have to look that far to make it clear that Twitter is unfit for banking. Elon Musk shouldn't be anywhere close to any financial services with his disdain for being told no by regulators.
In order to be a successful financial institution, you need trust.
Elongated Musk really believes we trust him?

14 comments