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With Attack on Consumer Bureau, Musk Removes Obstacle to His ‘X Money’ Vision [1]

['Stacy Cowley', 'Jessica Silver-Greenberg', 'Kate Conger']

Date: 2025-02-12 16:51:14+00:00

Elon Musk, the world’s richest man, is widely known for amassing his fortune through Tesla, his electric car company, and SpaceX, the rocket ship company he founded.

But he started his career trying to disrupt consumer finance as a co-founder of a digital financial services company that later became PayPal. Now, he’s working to transform X.com, his social media platform, into a virtual wallet where people can send money to one another.

These types of digital payment platforms, which other tech companies like Apple and Meta also run, have come under intense scrutiny by the Consumer Financial Protection Bureau.

But that scrutiny is likely to ease, largely because of Mr. Musk, who has been empowered by the Trump administration to reshape federal agencies like the consumer bureau.

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[1] Url: http://us.cisionone.cision.com/c/eJwsyz2O6yAUQOHVQIcFl99bUKTxNiLAN88oxs4zzniy-5FH05zik84UIRQjHaeovMYA0rrA55gKuqBJAwKRT3ZSJRlPIB2iRK94jc5nHUiitw9T7srI7IPX1pnMjOx1omf9L1qqC-1dFB88BlNQHOe8hOFyvsT5OF6d6RuDkcF4nuewfo7aqA9lawxGkGAZjBIYjOpKfve6Uu8MRlq2VbR3f4ryeGXxLdq20meYj7bwRlNNYqeFUidRp_gL9z9g-mZRKeR7XOnszMiytbat006p9WHb__F-7ETtOgNCyskXERJIYYIyIiRvhXIug9WPLDHzrwg_AQAA___cRGSX

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