Facebook spent years investing in a project called Libra that was supposed to revolutionize cross-border payments, but regulatory scrutiny forced it to abandon the push.
Elon Musk s plan to turn Twitter into a one-stop shop for financial services is not the first time a tech giant has attempted to enter the banking industry. Tech platforms worldwide have long tried to replicate WeChat and Alipay s popularity in China, by offering banking and payments features on their platforms. Yet, many saw their ambitions abandoned due to pushback from regulators and lawmakers.
(Bloomberg) Billionaire Elon Musk’s grand vision is to turn Twitter into a one-stop shop for financial services. It’s hardly the first time a tech giant has sought to muscle in on Jamie Dimon’s turf.Most Read from BloombergChina Replaces Foreign Minister After Mysterious Absence‘We Were Wrong’: Morgan Stanley’s Wilson Offers Stocks Mea CulpaTwitter Turning Into X Set to Kill Billions in Brand ValueMusk Explains Why He’s Axing Twitter Name, Iconic Bird LogoRolex, Patek Prices to Keep Falling a
Elon Musk s plan to turn Twitter into a one-stop shop for financial services is not the first time a tech giant has attempted to enter the banking industry. Tech platforms worldwide have long tried to replicate WeChat and Alipay s popularity in China, by offering banking and payments features on their platforms.
Elon Musk s musings indicate that he wants Twitter to be more like Tencent Holdings Ltd.s WeChat, a messaging service turned super-app used daily by more than a billion people in China.