You can't buy a bank charter.. SoFi was approved to acquire Golden Pacific Bank which goes through the same exact considerations by the regulators when approving bank acquisitions.
Not to mention a bank holding company is completely different from a tech company.
No, I'm not concerned. Musk is more bark than bite. Also, I have to believe I'm not the only one that would be uncomfortable turning over my livelihood to Musk (even he runs the company in name only) so he can fuck with it on an emotional whim.
You think anyone’s going to move their money to X? I am a huge Elon fan and owns a Tesla. Even I wouldn’t want to bank with the guy. He is too fickle - I want my banker to be trustworthy
Yes it is. Don’t ever count a guy like Elon out. The man disrupted the auto industry when everyone said he did not have a chance in hell. Personal opinions aside, he has proven he can do it, and he has deep pockets.
Not at all. After the shitshow that is Twitter now, how in the hell could anyone think that Musk would be capable of being able to manage half of the world’s financial systems? LOL. There will never be a platform that half of the worlds financial systems run through. On top of that, FedNow is going to be the biggest threat to transactional based companies like Venmo, Zelle, PayPal, etc. Do I see FedNow impacting SoFi? Nope, it will become an integrated feature most likely.
People need to stop talking about Musk, he’s not the great businessman people think he is.
x will never be a bank......they will partner with a bank......like sofi. that is part of sofi's plan to run the infrastructure for companies like this. just like apple did with goldman. technically any company can have something sofi can offer. not only big tech. but what if meta, microsoft, google, etc. started offering savings accounts with a nice apy. X is the obvious choice and other companies may never go this route. but with X i damn well expect a partnership at this point.
I'll be concerned once there are concrete reasons to be concerned that show up in the company's results. Like that X is taking market share or something like that. I think it's wise to let the future develop at least a little bit before getting too worried about it.
I noticed a direct correlation between their bank charter being granted and development pace slowing, though this also coincided with the economic downturn in 2022. I think there are likely two drivers:
1. They have WAY more regulatory obligations now that they are officially an independent bank and have likely redirected some of their resources accordingly. None of these folks would be shipping interesting new features, they would just be ensuring that the company didn't lose its regulatory standing (which would be a death knell for sure).
2. They slowed/paused hiring in general due to the economic downturn so they have fewer resources to work with.
when they got the bank charter also coincides with when they did their migration to the cloud. that, i'm sure, did and still does eat up some resources. the upside of that cloud migration was supposed to be an improvement in their ability to scale quickly.
This is Noto’s reply - https://twitter.com/anthonynoto/status/1683177350304002048?s=46&t=2xqerm5U75u-OEjXwzA4nA
.we are working on a timeline and plan to fully integrate Zelle into the @SoFi app. Unfortunately the timeline is dependent on the existing banks that created Zelle more so than @Sofi. Until then this is how to use Zelle with @SoFi
Elon literally stole this guy’s Twitter handle. Do you think anyone wants to bank with Elon lol
https://twitter.com/popcrave/status/1684210188293644288?s=46&t=2xqerm5U75u-OEjXwzA4nA
Would be very surprised if US government ever gave him a Bank Charter!!
He can just buy an existing bank charter just like SoFi did
He should over pay for Sofi :)
I wish Elon would’ve just bought out SoFi instead of Twitter. Could have made multiple X and gtfo a time ago lol.
Then SoFi will be rebranded as XoFi lol
I actually love this name!
Yes but that was a long and difficult process.
Or that simple.
You can't buy a bank charter.. SoFi was approved to acquire Golden Pacific Bank which goes through the same exact considerations by the regulators when approving bank acquisitions. Not to mention a bank holding company is completely different from a tech company.
No, I'm not concerned. Musk is more bark than bite. Also, I have to believe I'm not the only one that would be uncomfortable turning over my livelihood to Musk (even he runs the company in name only) so he can fuck with it on an emotional whim.
And anyone who knows his history at Paypal knows he is totally going to bomb this again. "X" is also worst brand name imaginable.
[удалено]
Harder than building spacex?
He will never get a bank charter…. More likely he’ll buy SoFI and that’s completely unlikely… but a huge payday for us lol
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Wrong* approach, tell him he can *never* buy Sofi so don't even try..
No. Why the hell would I want 50% profit or 60% when this can be x3 or x4 or more in a few years?
You think anyone’s going to move their money to X? I am a huge Elon fan and owns a Tesla. Even I wouldn’t want to bank with the guy. He is too fickle - I want my banker to be trustworthy
Trustworthy and banker looks strange in the same sentence lol
😂
Is this a serious question
Yes it is. Don’t ever count a guy like Elon out. The man disrupted the auto industry when everyone said he did not have a chance in hell. Personal opinions aside, he has proven he can do it, and he has deep pockets.
Not at all. After the shitshow that is Twitter now, how in the hell could anyone think that Musk would be capable of being able to manage half of the world’s financial systems? LOL. There will never be a platform that half of the worlds financial systems run through. On top of that, FedNow is going to be the biggest threat to transactional based companies like Venmo, Zelle, PayPal, etc. Do I see FedNow impacting SoFi? Nope, it will become an integrated feature most likely. People need to stop talking about Musk, he’s not the great businessman people think he is.
There’s nothing wrong with this. Hell end up just buying SOFI for $30/share like he overpaid for Twitter.
Elon can’t even run Twitter.
x will never be a bank......they will partner with a bank......like sofi. that is part of sofi's plan to run the infrastructure for companies like this. just like apple did with goldman. technically any company can have something sofi can offer. not only big tech. but what if meta, microsoft, google, etc. started offering savings accounts with a nice apy. X is the obvious choice and other companies may never go this route. but with X i damn well expect a partnership at this point.
I'll be concerned once there are concrete reasons to be concerned that show up in the company's results. Like that X is taking market share or something like that. I think it's wise to let the future develop at least a little bit before getting too worried about it.
Elon is a clown
Lol please
Lmao
If Musk buys Sofi, then I'll get worried. Twitter/x/whatever isn't a threat, it's circling the drain.
SoFi’s app has a long way to go - they can’t even integrate Zelle or make a nice UI without moving at a snails pace
I noticed a direct correlation between their bank charter being granted and development pace slowing, though this also coincided with the economic downturn in 2022. I think there are likely two drivers: 1. They have WAY more regulatory obligations now that they are officially an independent bank and have likely redirected some of their resources accordingly. None of these folks would be shipping interesting new features, they would just be ensuring that the company didn't lose its regulatory standing (which would be a death knell for sure). 2. They slowed/paused hiring in general due to the economic downturn so they have fewer resources to work with.
when they got the bank charter also coincides with when they did their migration to the cloud. that, i'm sure, did and still does eat up some resources. the upside of that cloud migration was supposed to be an improvement in their ability to scale quickly.
That has nothing to do with UI updates. Get some software engineers on it and get it done!!
So you think Zelle is few UI updates?
No, I made a clear distinction - they can’t even integrate Zelle OR make a nice UI
This is Noto’s reply - https://twitter.com/anthonynoto/status/1683177350304002048?s=46&t=2xqerm5U75u-OEjXwzA4nA .we are working on a timeline and plan to fully integrate Zelle into the @SoFi app. Unfortunately the timeline is dependent on the existing banks that created Zelle more so than @Sofi. Until then this is how to use Zelle with @SoFi
This is good^^ my only point out would be that they have been saying this for over a year at this point
Elon literally stole this guy’s Twitter handle. Do you think anyone wants to bank with Elon lol https://twitter.com/popcrave/status/1684210188293644288?s=46&t=2xqerm5U75u-OEjXwzA4nA
Lmao, now this is the due diligence we need 🙂