Reports are swirling on social media about Elon Musk leaning into a new “PayPal-like” digital payment platform with a huge twist.
It would add a user information monetization feature to the platform.
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On X, Fox Business News correspondent Charles Gasparino said Musk “continues to have conversations with top Wall Street executives on the future of X.”
“The talk seems to settling, they tell me, on a new-fangled payment system, an updated version of PayPal. It will offer low transaction costs (as opposed to credit cards) & monetize user info," he said.
It’s no secret that Musk has always wanted to make PayPal a banking platform ever since he co-founded the online payment company at age 28.
Musk also served briefly as PayPal CEO before venture funder Peter Thiel and company co-founder Max Levchin ousted him in 2000, according to the book, “Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future” by Ashlee Vance.
By and large, X users seemed bullish on Musk morphing into some version of a payment platform.
“Interesting development for X. A new payment system akin to an updated PayPal, with lower transaction costs and user info monetization, could certainly shake things up,” said one commenter.
There’s no word or official confirmation on the report from X, but few would be surprised if Musk followed through on his dream of the digital payment route.
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