Elon Musk had a Space conversation with Cathie Wood, the legendary female stock market guru, on March 22. During the conversation, Musk openly stated that he would not spend much time thinking about cryptocurrencies. Furthermore, he announced that X (formerly known as Twitter) will obtain a payment license in the United States by the middle of next year, with the goal of launching payment functionality before the end of 2024.
Elon Musk, the founder of Tesla, and Cathie Wood, the CEO of Ark Funds, engaged in a Space conversation on March 22 on X, which is a social media platform owned by Musk. During the conversation, Musk discussed his ideas about artificial intelligence (AI), cryptocurrencies, and turning X into a super app.
Firstly, Musk’s attitude towards cryptocurrencies may disappoint the cryptocurrency and Dogecoin communities. According to Beginza’s report, Musk admitted that he had previously stated that his companies would never issue “cryptocurrencies.” However, Musk has applied information theory to the monetary system, stating that if inflation and deflation were minimal, fiat currency would be a good resource allocation database. “It is an information system, and you want to minimize noise.”
On the other hand, when discussing the topic of upgrading X into a “super app” that combines payment, live streaming, recruitment, and social networking, Musk revealed that X has already obtained money transfer service provider licenses in more than half of the states in the United States. He stated, “I believe we actually have most of the states (licenses).”
The world’s richest person added that X is still awaiting approval for licenses in New York and California, and it is expected to obtain money transfer licenses in all 50 states of the United States by mid-2024.
Previously, Musk stated that his goal is to see X launch financial payment services by the end of 2024. X’s new CEO, Yaccarino, expressed her belief that there will be ample opportunities for this in 2024.
During the Space conversation, Musk also discussed his passion for AI. As one of the co-founders of OpenAI, he played an important role in creating the company and naming it. He also revealed that he helped Ilya Sutskever, the company’s chief scientist and another co-founder, join the company. Sutskever previously worked for Google, a subsidiary of Alphabet, and was a key figure in the dismissal of Sam Altman, the former CEO of OpenAI.
Musk believes that the move to recruit Sutskever to OpenAI may have been the reason why Larry Page, the co-founder of Alphabet, is no longer friends with him.
Musk, who has left OpenAI, once again criticized the company, stating that it has become a closed and profit-driven company that no longer embraces open-source principles. He mentioned that his AI company, xAI, is currently testing a chatbot called Grok, with the goal of becoming the most interesting AI chatbot and serving as a calibrator of facts. Musk said:
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