Elon Musk sees Twitter as banking super app worth $250b. Crazy or cool?
Tesla was worth around $25b (similar to Twitter today) when Musk said it could be worth as much as Apple. Now he says Twitter can be worth as much as BofA.
WSJ’s Tim Higgins has a great piece on what Elon Musk may want to do with Twitter. He thinks it could be a super app that is worth $250 billion, which is more than 10x current value of around $20 billion. Musk bought Twitter for $44 billion in October 2022. Here are a few excerpts and link to story.
Now, the 51-year-old is painting a world where Twitter users can effortlessly send money to each other, earn interest on deposits and much more through an app. That digital ideal closely resembles his original vision for X.com before it merged with another similarly focused firm to eventually become PayPal.
“I think it’s possible to become the biggest financial institution in the world,” Mr. Musk said in March at a Morgan Stanley conference.
In 2015 [Musk] 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.
[Musk’s $250b Twitter valuation estimate] 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.
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Check It Out:
– Elon Musk Revives Old Banking Dream in Pursuing $250 Billion Twitter Valuation