His idea for X.com was grand.
Musk wished the corporate to be named X.com, with PayPal as one in all its subsidiaries. He even tried to rename the cost system X-PayPal, however there was resistance since PayPal was already a trusted model.
Twitter proprietor Elon Musk lately introduced the rebranding of Twitter’s fowl brand to an “X,” with the aim to create X as a global marketplace centered around audio, video, messaging, payments/banking, and more. The domain X dot com now redirects users to Twitter dot com. Musk mentioned that the new X logo will go live later today.
But how many of you know that Twitter’s potential new logo takes Elon Musk back to his tech entrepreneur days when he was a 28-year-old, with aspirations to launch an online banking company in 1999
According to a popular author Walter Isaacson, the infatuation of Elon Musk with the name X.com goes way back. His experience at Scotiabank had convinced him that the industry was ripe for disruption. So in March 1999, he founded X.com.
“His concept for X.com was grand. It would be a one-stop everything-store for all financial needs: banking, digital purchases, checking, credit cards, investments, and loans. Transactions would be handled instantly, with no waiting for payments to clear. His insight was that money is simply an entry into a database, and he wanted to devise a way that all transactions were securely recorded in real time,” Isaacson wrote on Twitter.
According to the writer, Musk was capable of entice the influential head of Sequoia Capital, Michael Moritz, to make a significant funding in X.com. Moritz then facilitated a take care of Barclay’s Bank and a neighborhood financial institution in Colorado to turn into companions, in order that X.com may provide mutual funds, have a financial institution constitution, and be FDIC-insured.
Musk wished the corporate to be named X.com, with PayPal as one in all its subsidiaries. He even tried to rename the cost system X-PayPal, however there was resistance since PayPal was already a trusted model. Later, conflicts arose between Max Levchin and Musk over the selection of the principle working system, Microsoft Windows or Unix.
Reports steered that disagreements over the title X.com led to Musk’s departure from PayPal in late 2000. Most workers favoured the title PayPal, and in 2001, the corporate was rebranded accordingly.
