He did it before back like 20 years ago as X.com. Was related to PayPal somehow. I remember having the debit card. https://www.encyclopedia.com/economics/encyclopedias-almanacs-transcripts-and-maps/xcom#:~:text=X.com%20was%20created%20by,%2C%20mortgage%20lending%2C%20and%20bonds.
Discussion
Wow.
Built up 100k users, similar to E*Trade numbers!
Yes, I’m familiar. I think X.com will be a bank.
He won’t call it a bank, but people will put their savings there and it will have a banking license.
He will lend the deposits to his companies, at some crazy leverage but a low rate, he will almost match JPM’s capital costs.
He will force all his employees to receive their salary in these accounts, as many banks do.