Fascinating! Elon is very aggressive and unpredictable.
Behind the billionaire’s gamble to turn Twitter into a company worth more than 10 times its current valuation is an idea he has hung on to for more than two decades: digital banking.
www.wsj.com
“I think it’s possible to become the biggest financial institution in the world,” Mr. Musk said in March at a Morgan Stanley conference.
Last week, he tried to signal to remaining workers that they could benefit greatly from their collective success, rolling out an employee stock plan for the private company that valued it at about $20 billion. He also told them that he sees a “clear, but difficult, path” to being worth more than $250 billion at some point.
That number compares with financial giants, such as
JPMorgan Chase & Co., which has a market value of about $380 billion, and
Bank of America Corp., worth almost $230 billion. PayPal Holdings Inc., which isn’t technically a bank, is valued at around $85 billion.
Mr. Musk didn’t give a timeline and he didn’t respond to a request for comment.
Motivating workers with the potential of a big payday is a familiar playbook Mr. Musk uses at his other companies. In 2015, for example, he drew some collective eye-rolling from Wall Street when he claimed Tesla, then valued at around $25 billion, would in a decade’s time match
Apple Inc., then worth about $700 billion.
Tesla surpassed that $700 billion valuation and became the first auto maker to be worth more than $1 trillion in 2021. Since then, its valuation has fallen to around $620 billion.
amp.cnn.com
www.cnbc.com
