![]() He’s also reignited his hopes of building a global payments platform. He renamed Twitter as X, he has a son named X, and Musk bought X.com from PayPal in 2017 because “it has great sentimental value.” In an interview last month with CNBC, Musk says PayPal is “sort of a half-baked version of what it could be.” He has been vocal about his intolerance for boards, firing the Twitter board immediately upon acquisition, perhaps to avoid a similar coup like that at PayPal. The launch of X.com proved successful, with over 200,000 sign-ups recorded within just two months, a milestone especially impressive because it came at a time before most people were comfortable with online financial transactions.įast-forward to today, and Musk seems to have done everything but let this go. ![]() In 1999, he invested $12 million to cofound X.com alongside former Intuit CEO Bill Harris. Musk has long had ambitions to establish a comprehensive online banking institution. “Having said that, if Linda is able to strike good and high-value partnership deals, that can change things.” You need revenue to support everything that has to happen to build it,” a former Twitter staffer with knowledge of the payments plan told Fortune. “I don’t think the everything app will happen within one year. Securing regulatory licenses is an important first step in enabling payment services, although some employees doubt that he can pull off the complicated logistics, even with newly appointed CEO Linda Yaccarino trying to build trust at the embattled company. From the start of his tenure leading the social media platform, Musk has signaled that he wants the company to be something more-an “everything app” he calls “X,” mirroring China’s WeChat, which in addition to messaging allows for payments and e-commerce.
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