Lafferty Daily Briefing

31 October 2023

Trust is perhaps the crucial element in banking and payments. But would you trust your money to Twitter or X, a company or companies that can’t decide what its name is? Elon Musk reminded staffers last week that he thought up digital 23 years ago but just hasn’t gotten around to implementing it. “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on this week’s call. “And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.” Twitter was worth $44 billion when Musk bought it last year. It’s now worth $19 billion.