Last week, Mr. Musk marked the moment on X, writing, “CFPB RIP,” alongside an emoji of a gravestone.
As Mr. Musk’s deregulation team makes its way through federal agencies, he has been criticized for having numerous conflicts of interest involving his businesses.
And at X, one of the most promising ways Mr. Musk can increase profits is through a payments business, which could charge fees for transactions. Building out that business would be easier without having to contend with a regulator like the consumer bureau, which has a recent track record of bringing cases against payment companies.
With Attack on Consumer Bureau, Musk Removes Obstacle to His ‘X Money’ Vision