Is There Any Significance To Elon Musk Reacquiring X.com?

2 months ago by Steven Loveday 0

Elon Musk

Elon Musk

Hmm … Tesla and SpaceX CEO Elon Musk must have something up his sleeve as he decided to reacquire X.com.

Musk was CEO at X.com before he became CEO at his two biggest companies, along with the new side projects that continue to pop up, like The Boring Company, Open AI, and Neuralink. “X” was an online bank that Musk founded back in 1999, which eventually came to be PayPal in 2001.

X.com had a partnership with Barclays, but got off the ground with Musk’s initial funding. About a year later, it merged with its biggest competitor, Confinity, and Musk became the official CEO. His stint as CEO was short lived, however, when Confinity’s co-founder Peter Thiel took the reins.

On July 5, 2017 Musk was able to purchase back the now defunct domain name from Paypal.

PayPal’s Director of Corporate Communications has verified that the company did sell the rights back to Musk. In an email to blogger Elliot Silver, who had previously questioned the domain’s sudden private status, PayPal’s director shared (via Teslarati).

“We are delighted to sell the domain x.com back to its previous owner, Elon Musk.”

PayPal is possibly delighted since Musk’s name has become so prominent in today’s media, and it looks positive to offer the domain back to its original founder. But honestly, it’s surely all about the money. Domains are not cheap, and especially “.coms”, and moreover, those that use a single letter. It’s no secret that Elon Musk has plenty of coin to toss around, so it likely cost him $5-10 million or more. According to Teslarati, Silver shared that Z.com sold in 2014 for a whopping $6.8 million.

Musk says he bought the domain back due to its nostalgia. He also made it clear that he has no immediate plans for its use. This may be true, or he may have something in the works that he’s not yet ready to reveal. However, he did respond to one Tweet agreeing that it could function as a main hub for all of his ventures.

Source: Teslarati

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