Elon Musk just announcing his new venture, this time is on financial technology. His new venture is called FinTech, although he not came out with the original ideal but he has pumped in about $72 million as an initial investment which securing Elon Musk to have control of all the FinTech business decision.
What exactly is FinTech? FinTech is a financial technology with the plan to redistribute world’s wealth. Basically, to take from the top 0.1% and give back to 99.9%. Elon believes wealth is not distributed well in our age, and although there always will be someone richer and someone poorer, the current situation is not acceptable, where top 0.1% controls almost 90% of world's wealth. Musk believes he can cut that down to around 20% without causing world-wide financial crisis. So what exactly does that mean to you, the regular middle or lower class person? This means you will become 2 - 3 times wealthier, and no one except the super-wealthy will take a hit.
Sounds amazing, doesn't it?
Ok, the theory is there, but how will it work you might ask? Overall, the idea is easy. The top 0.1% keep their wealth invested in stocks, and Wall Street brokers trade these stocks for them. The idea is to beat the Wall Street traders in their own game - make winning trades so Wall Street with their hoards of wealth slowly but surely starts losing money. Just like a poker game, where a new player comes along on the high-stakes table and starts winning.
In order to do this you would need better stock movement predictions than the Wall Street has. With the help of cloud computing, it can be done, and it's actually being done now as FinTech has showed! This is exactly the reason why Musk jumped on this technology as soon as he heard about it. It's revolutionary.