Lawmakers warn that Musk could face scrutiny if he pushes ahead with plans to turn the social media giant formerly known as Twitter into a financial services provider.
to dealing with regulators — and who has also become a political lightning rod — would fare any better., an Illinois Democrat on the House Financial Services Committee, in an interview.
Aaron Klein, a former Treasury Department official who now serves as a senior fellow at the Brookings Institution, said he suspects that Musk “will be more careful and surgical” in how he approaches expanding X into finance. “The banking industry is on high alert from this,” Foster said. “They see the huge natural advantage of any organization with a big user base for social media trying to leverage that user base for payment transactions.”
“The big lesson from Mark Zuckerberg’s failed Libra experiment was that they didn’t do any of the upfront work in Washington, D.C., getting regulators or lawmakers comfortable with their idea,” said former SEC Commissioner Michael Piwowar, now with the Milken Institute think tank. “The Silicon Valley approach of ‘move fast and break things’ does not work once you get into anything related to financial services.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk says upcoming cage fight with Mark Zuckerberg will be in ItalyMusk did not mention a date for the proposed fight, but said he may need to undergo 'minor surgery' to resolve a 'problem with my right shoulder blade rubbing against my ribs.'
Read more »
Mark Zuckerberg says he is ‘ready to fight’ Elon MuskMusk first challenged Zuckerberg to a “cage match” in June, an offer Zuckerberg swiftly accepted.
Read more »
Mark Zuckerberg Slams Elon Musk for Avoiding Cage Match: 'Time to Move On'Mark Zuckerberg called out Elon Musk for avoiding their cage match in a Threads post Sunday: 'Elon isn't serious and it's time to move on'
Read more »
Elon Musk 'Isn't Serious And It's Time to Move On': Mark ZuckerbergBased on what he posted earlier today, MarkZuckerberg is done with all of ElonMusk's fight talk, that Musk 'isn't serious,' and that 'it's time to move on.' OPINION / Twitter TwitterX Threads Meta
Read more »
Elon Musk Invites Himself To Mark Zuckerberg's House For MMA BrawlBased on a shared screenshot of texts between the Silicon Valley titans, Meta's founder is losing patience with the Tesla boss.
Read more »