Elon Musk is ridiculed for may different reasons. A lot of it he brings on himself. One of the factors could be the fact he sets insane goals. Then he goes public with them which sets him up to attack.
The situation with Twitter certainly opened up a lot of cans. Musk overpaid for the network. Then he rolled out the Twitter Blue too soon, a move that was rescinded not long after.
Perhaps nothing sounded as crazy as his statement that he wanted to "make Twitter the largest financial institution in the world".
When we consider the market capitalization of some of the largest banks, it really is laughable.
Or is it?
We recently saw another step in this direction.
Partnership With eToro
According to reports, Twitter users will have the ability to get price feeds for cryptocurrency and stock and then purchase those assets through the eToro application. This is one of the moves meant to appeal to younger users.
Starting April 13th, users will be able to view “market charts on an expanded range of financial instruments” and the ability to purchase those assets through the eToro service.
Users can view real-time financial data by utilizing Twitter’s “cashtags” feature, which requires you to search for the ticker symbol of the desired asset and put a dollar sign in front of it. The user will then be presented with detailed price information, provided by a TradingView.
This is a big move and will likely put pressure on other social media applications. Twitter already filed the necessary applications to start offering payment services through the platform, similar to PayPal.
Decisions like this is starting to change the social media world. No longer are we dealing with that sector exclusively. It is starting to integrate finance throughout the network.
Here we are watching a radical shift taking place.
Musk has the desire to create the "Everything App". He wants a central entity which offers social media engagement, commercial products, and financial services.
He is on the way to achieving this.
Does This Help Web 3?
We need to be clear: Elon Musk is not part of Web 3.0.
What he is constructing is within the realm of Web 2.0. There is nothing decentralized about his venture nor is that any indication that the ownership model is going to change. Accounts are still under the control of Twitter. There is no sovereignty there. All terms of services that were in place still apply.
This moves does start the process of getting people accustomed to interacting with financial services through their social media applications. For the West, this is a big step. Users of WeChat are already familiar with this.
Musk is thinking big while also raising the bar. Platforms such as YouTube and Facebook are going to have to follow suit.
The combination of social media and finance is clear. This is obviously the direction things are heading in. Hive is already well positioned for this since both aspects, to a degree, are covered.
What Musk is creating is akin to the foundation of Web 3.0. Since we are dealing with blockchain, we can see how financial transactions are fundamental. Nevertheless, unlike Twitter, account ownership, hence asset, is provided.
This might be a situation where Elon is developing Web 2.5. It is a move that could be leveraged by Web 3.0.
Musk Will Achieve His Goal
We should operate from the premise that Musk will achieve his goal. In other words, we should prepare where Twitter becomes the largest financial institution in the world.
The partnership with eToro is just an early step. This gets the platform into the stock game, albeit not directly. It would not be surprising to see an application such as that or Robin Hood purchased by Twitter. Then the services could be integrated directly.
It also stands that we will see something similar with mortgages. The lending market is enormous and FinTech did a great job of taking a large share of loan origination from the banks. Since Musk also owns a large chunk of Twitter, it is easy to envision a day when people will get their loans for cars through this platform.
What this means for Web 3.0 is that we should first mirror Musk, and then surpass him. He is still operating within the traditional financial arena. This can be looked at as switching the deck chairs by the pool. Musk is looking to take on PayPal, JP Morgan, and TDAmeritrade.
It is no coincidence that Bitcoin emerged looking to counter the power of the banks. Eventually, we can look at Twitter as this.
Here we simply have another entity that is a foe. It matters none how much one likes (or dislikes) Elon. Even if he is benevolent in his actions, he is still a dictator at the top of a centralized entity. This is not in keeping with the tenets of Web 3.0.
Largest Financial Institution In The World
This is the goal of Musk. It is a worthwhile one. He might have overpaid for Twitter, spending $44 billion. However, that is small compared to the other entities mentioned in this article. PayPal, as an example is worth nearly twice what Musk spent on Twitter. Then we have the likes of JP Morgan, which are worth hundreds of billions of dollars.
It is something that Elon Musk should not have possession of. Instead, we should have this goal in cryptocurrency. That means Hive should set this down as the ultimate end.
This will be the topic of an upcoming article.
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that partnership with eToro is most likely going to blow away all that ad revenue that so called left twitter. To be honest it feels like Twitter was on a downward trajectory until Elon took it over and seems to be more active, more ads and more revenue coming in than before.
A large partnership like that where finances and crypto is talked about heavily I'm sure is going to start cutting some big checks for the platform.
I like that he is rasing the bar for social media apps. We might soon see the rest forming similar partnerships. Elon is already ahead of the competition. Going through untrodden paths definitely comes with a lot of trouble but the rewards are enormous. Web3 apps will have another good prototype to look at when building an everything app.
The X aka Everything’s Money App
Was always the plan with Elon and Twitter indeed.
Elon is doing a lot of things and I think he also changed the corporation name to X and added an AI aspect. So I think he will definitely try to make Twitter into the central hub for everything including finances. I just don't like the centralization though.
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He’s been clear all along
The X aka centralized station for money app
Also based on China system
He’s not a friend to freedom
Many will soon see this
Musk has always been bias towards China and I agree that he is jealous of how China's wechat app I think.
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Yup he’s not to be trusted.
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It is good that Hive from a fundamental level is comprised of social and financial which puts Hive in a good position to keep expanding on its capabilities.
I tend to always see these actions by Web 2 as the actions that will lead people to Web 3. Social and financial? Hive has it in place.
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While Musk's ambition to disrupt the financial industry is clear, I think it simply does not align with the principles of Web 3.0, which advocates for decentralized and community-driven platforms. Twitter is trying surpass the traditional banks and financial entities and it might succeed in some regards, but it will simply be a middle ground solution towards true decentralized global systems.
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He is working to centralize money and finance.
Musk has been very clear about his goals. He wants Twitter or should we call it X app to be the equivalent of WeChat. An everything app from Uber eats, Craigslist, Twitter and RobinHood.
This is doable but it won’t be easy!
Great blog post.
Well, more than a few psychiatrists, anthropologists and even social scientists have denounced (but, surprise surprise! no media coverage) that Musk is a potentially dangerous character. Regardless of what he plans to change on Twitter, he is someone with a very marked sociopathic tendency and a fearful desire for notoriety... Very nice post, @taskmaster4450
I can't deny twitter's contribution to bring the people of all type in one place. Even crypto community thrives there. I feel he should make the video and audio monetization possible over there that would help a lot of creators. If that happens we can even put up some plugins for twitter so that we can have hive tips on twitter. Lot of possibilities, Musk should continue to lead.
If Musk succeeds in making Twitter the largest financial institution in the world, then he won't have overpaid for Twitter at all. It will have been a very sound investment.
Then he goes to public and might mislead people, in my opinion.
There are things and decisions that Musk made didnt come out fruitful in terms of gaining ownership of twitter. Twitter was more popular when it was controlled by the previous founders and ceo's.
Starting with his cutt of employee policy to financialize twitter, the tick mark blurt and now what he is up for, all sums up to the madness he is in.
Well, I think he would possibly invent something new and if he fails to large scale - that doesnt matter much,because he already proven hid worth in the past.
When I first heard the eToro integration news, my thought was "WeChat did this like a decade ago. China still is more than 10 years ahead of anything their American counterparts are doing right now"
I stand by that, China is still way ahead, but this is overall, a step in the right direction. I agree with your statement that this is more akin to Web 2.5, the blending of Traditional Finance (TradFi) with the Web 2 social centralized networks.
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Twitter's new CEO
https://www.weforum.org/people/linda-yaccarino