Latest news with #XMoneyAccount
Yahoo
16-04-2025
- Business
- Yahoo
The 4 Most Hotly Debated DOGE Budget Cuts Since Trump Took Office
President Donald Trump has not even been in office for 100 days during his second term, but he's already generated enough controversy to last a lifetime. The Department of Government Efficiency, which even bears the tongue-in-cheek nickname DOGE, is a great example. Certainly, the idea of getting rid of government waste and spending sounds like a good idea, regardless of whether you identify with the right or the left. But some of the blunt, broad strokes that have come out of the DOGE are raising a lot of questions and concerns, particularly among those directly affected. Consider This: Find Out: Here are some of the most hotly debated budget cuts since the start of Trump's second term. Before Trump, Elon Musk and DOGE attacked the USAID, it was the primary agency responsible for distributing and administering overseas humanitarian aid. It's a political agency designed to assist strategic countries overseas as part of the government's 'diplomacy, development and defense' approach to international engagement, according to the Council on Foreign Relations. However, DOGE has all but obliterated the USAID, wiping out nearly 14,000 jobs and leaving an estimated 300 behind. Learn More: One of the big targets for the DOGE has been the Department of Education (DOE). Trump even directed the Secretary of Education to take 'all lawful steps to shut down the department … as quickly as possible,' according to U.S. News and World Report. On Mar. 11, the Trump Administration took its first big step in that direction, cutting roughly half of the DOE workforce in one fell swoop, with more cuts likely to follow. The move is controversial for a number of reasons, but it all may come down to perspective. The administration sees it as a way to 'rightfully' shift the power of education to the states, and to cut the excess costs from the federal budget. But other observers see the potential elimination of the DOE as hurting students and families, particularly those with disabilities or from unprivileged backgrounds. The Consumer Financial Protection Bureau was created in the aftermath of the 2008 financial crisis. As its name suggests, it was designed to help protect consumers from financial exploitation. But on Feb. 7, 2025, Elon Musk tweeted 'CFPB RIP' on X. Part of what makes this assault controversial is that it may directly benefit Musk himself. According to NPR, the CFPB would have been directly responsible for regulating X itself as it launched a money payments service known as 'X Money Account.' The obvious conflict of interest this would create is one of the many reasons why the targeting of the CFPB is raising some eyebrows. While no taxpayer wants the IRS nosing around in their affairs, there's no denying that having a federal agency keep an eye out for tax fraud and ensure compliance with federal laws is important. But the DOGE is looking to cut the agency's staffing by 20% as soon as May 15, according to CNN. The move to some degree seems out of character for the presidential administration, as it is seeking to raise more revenue through its tariff policy and cost-cutting. But trimming the staff of an agency that can actually bring in more revenue through successful auditing and policing of tax fraud runs counter to that idea. Of course, with a smaller IRS staff and fewer audits, many more wealthy Americans will avoid scrutiny of their taxes, leading some observers to suggest a rise in tax fraud and preservation of wealth for the rich. There's simply no way to separate politics from the cuts the Department of Government Efficiency is undertaking. Ostensibly, most Americans can agree that cutting wasteful spending from government operations is a positive. But laying off tens of thousands of workers in essential government departments without much of a review, if any, is certainly controversial. As Trump's second term unfolds, it's likely that even more of his decisions, particularly the ones run through the DOGE, will be hotly debated. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 5 Types of Vehicles Retirees Should Stay Away From Buying 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on The 4 Most Hotly Debated DOGE Budget Cuts Since Trump Took Office
Yahoo
28-01-2025
- Business
- Yahoo
Elon Musk's X partners with Visa on payment service in an effort to become an 'everything app,'
NEW YORK (AP) — X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an 'everything app.' Visa is the first partner for the platform's 'X Money Account" service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted, will support an in-platform digital wallet and peer-to-peer payments connected to users' debit cards, with an option to transfer funds to a bank account. According to Visa, which also posted about the partnership on X Tuesday, these services will be powered by Visa Direct — the payment giant's instant money transferring service — and will be available to X Money Account users in the U.S. Whether X Money will become available to consumers in other countries, and perhaps through additional payment partners in the near future is still known. And an exact date for the U.S. launch has also not been announced yet. In her post Tuesday, Yaccarino called the partnership with Visa a 'milestone for the Everything App' and the 'first of many big announcements about X Money this year." The prospect of San Francisco-based X, formerly known as Twitter, becoming an 'everything app" has been floated around for some time. Before officially closing the deal to purchase the platform for $44 billion back in 2022, Musk expressed interest in creating his own version of something similar to China's WeChat — a 'super app' that does video chats, messaging, streaming and payments. And his fascination with such a platform began long before the Twitter deal was on the table. Musk has been toying with the idea of an 'everything app' since the late 1990s when he launched a startup called that was later merged into what became He continued to push for PayPal to diversify but was rebuffed by company CEO Peter Thiel and other executives. PayPal was sold in 2002 to eBay for $1.5 billion — providing Musk with a windfall that he funneled into the creation of SpaceX and an investment in Tesla in its early days. The landscape is far more competitive today — with a handful of companies making similar efforts to expand their in-platform offerings. Other social media giants, such as Facebook parent Meta, have added shopping, games and even dating features. Consumers now have different platforms at their disposal for communications, payment services, entertainment and more. How X's coming 'everything' features will fare has yet to be seen. Since Musk's 2022 takeover, the platform has already alienated many users and advertisers over reports of rising hate speech and misinformation. X's ambitions could also thrust the company into the crosshairs of other powerful tech giants trying to fend off a perceived competitive threat. U.S. regulators have alleged that Apple, for example, has been illegally using its market power to stifle so-called super apps from making their way onto its iPhone since 2017. As part of an antitrust lawsuit filed last year, the U.S. Justice Department said it had uncovered evidence showing that Apple believed a super app would lessen consumers' usage of the iPhone's own software and services, including payment processing. The Cupertino, California, company has vehemently denied the allegations and is trying to persuade a federal judge in New Jersey to dismiss the entire case. ____ AP Technology Writer Michael Liedtke contributed to this report from San Francisco. Sign in to access your portfolio
The Independent
28-01-2025
- Business
- The Independent
Elon Musk's X partners with Visa on payment service in an effort to become an 'everything app,'
X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an 'everything app.' Visa is the first partner for the platform's 'X Money Account" service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted, will support an in-platform digital wallet and peer-to-peer payments connected to users' debit cards, with an option to transfer funds to a bank account. According to Visa, which also posted about the partnership on X Tuesday, these services will be powered by Visa Direct — the payment giant's instant money transferring service — and will be available to X Money Account users in the U.S. Whether X Money will become available to consumers in other countries, and perhaps through additional payment partners in the near future is still known. And an exact date for the U.S. launch has also not been announced yet. In her post Tuesday, Yaccarino called the partnership with Visa a 'milestone for the Everything App' and the 'first of many big announcements about X Money this year." The prospect of San Francisco-based X, formerly known as Twitter, becoming an 'everything app" has been floated around for some time. Before officially closing the deal to purchase the platform for $44 billion back in 2022, Musk expressed interest in creating his own version of something similar to China's WeChat — a 'super app' that does video chats, messaging, streaming and payments. And his fascination with such a platform began long before the Twitter deal was on the table. Musk has been toying with the idea of an 'everything app' since the late 1990s when he launched a startup called that was later merged into what became He continued to push for PayPal to diversify but was rebuffed by company CEO Peter Thiel and other executives. PayPal was sold in 2002 to eBay for $1.5 billion — providing Musk with a windfall that he funneled into the creation of SpaceX and an investment in Tesla in its early days. The landscape is far more competitive today — with a handful of companies making similar efforts to expand their in-platform offerings. Other social media giants, such as Facebook parent Meta, have added shopping, games and even dating features. Consumers now have different platforms at their disposal for communications, payment services, entertainment and more. How X's coming 'everything' features will fare has yet to be seen. Since Musk's 2022 takeover, the platform has already alienated many users and advertisers over reports of rising hate speech and misinformation. X's ambitions could also thrust the company into the crosshairs of other powerful tech giants trying to fend off a perceived competitive threat. U.S. regulators have alleged that Apple, for example, has been illegally using its market power to stifle so-called super apps from making their way onto its iPhone since 2017. As part of an antitrust lawsuit filed last year, the U.S. Justice Department said it had uncovered evidence showing that Apple believed a super app would lessen consumers' usage of the iPhone's own software and services, including payment processing. The Cupertino, California, company has vehemently denied the allegations and is trying to persuade a federal judge in New Jersey to dismiss the entire case. ____
Washington Post
28-01-2025
- Business
- Washington Post
Elon Musk's X partners with Visa on payment service in an effort to become an 'everything app,'
NEW YORK — X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an 'everything app.' Visa is the first partner for the platform's 'X Money Account' service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted, will support an in-platform digital wallet and peer-to-peer payments connected to users' debit cards, with an option to transfer funds to a bank account.
Yahoo
28-01-2025
- Business
- Yahoo
Elon Musk's X partners with Visa on payment service in an effort to become an 'everything app,'
NEW YORK (AP) — X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an 'everything app.' Visa is the first partner for the platform's 'X Money Account" service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted, will support an in-platform digital wallet and peer-to-peer payments connected to users' debit cards, with an option to transfer funds to a bank account. According to Visa, which also posted about the partnership on X Tuesday, these services will be powered by Visa Direct — the payment giant's instant money transferring service — and will be available to X Money Account users in the U.S. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Whether X Money will become available to consumers in other countries, and perhaps through additional payment partners in the near future is still known. And an exact date for the U.S. launch has also not been announced yet. In her post Tuesday, Yaccarino called the partnership with Visa a 'milestone for the Everything App' and the 'first of many big announcements about X Money this year." The prospect of San Francisco-based X, formerly known as Twitter, becoming an 'everything app" has been floated around for some time. Before officially closing the deal to purchase the platform for $44 billion back in 2022, Musk expressed interest in creating his own version of something similar to China's WeChat — a 'super app' that does video chats, messaging, streaming and payments. And his fascination with such a platform began long before the Twitter deal was on the table. Musk has been toying with the idea of an 'everything app' since the late 1990s when he launched a startup called that was later merged into what became He continued to push for PayPal to diversify but was rebuffed by company CEO Peter Thiel and other executives. PayPal was sold in 2002 to eBay for $1.5 billion — providing Musk with a windfall that he funneled into the creation of SpaceX and an investment in Tesla in its early days. The landscape is far more competitive today — with a handful of companies making similar efforts to expand their in-platform offerings. Other social media giants, such as Facebook parent Meta, have added shopping, games and even dating features. Consumers now have different platforms at their disposal for communications, payment services, entertainment and more. How X's coming 'everything' features will fare has yet to be seen. Since Musk's 2022 takeover, the platform has already alienated many users and advertisers over reports of rising hate speech and misinformation. X's ambitions could also thrust the company into the crosshairs of other powerful tech giants trying to fend off a perceived competitive threat. U.S. regulators have alleged that Apple, for example, has been illegally using its market power to stifle so-called super apps from making their way onto its iPhone since 2017. As part of an antitrust lawsuit filed last year, the U.S. Justice Department said it had uncovered evidence showing that Apple believed a super app would lessen consumers' usage of the iPhone's own software and services, including payment processing. The Cupertino, California, company has vehemently denied the allegations and is trying to persuade a federal judge in New Jersey to dismiss the entire case. ____ AP Technology Writer Michael Liedtke contributed to this report from San Francisco.
