![]() In a Morgan Stanley conference in March 2023, Musk touted X once again as the potentially "biggest financial institution in the world". ![]() In June, Musk told Twitter employees that Twitter is a "digital town square" that should be all-encompassing, like WeChat. Musk expressed interest in creating an app similar to WeChat-a Chinese instant messaging, social media, and mobile payment app-on a podcast in May 2022. According to Musk, Twitter would accelerate the creation of X by "3 to 5 years". The concept for X solidified in October 2022, when Musk tweeted that acquiring Twitter is "an accelerant to creating X, the everything app". Musk reaffirmed his support for the name "X" in December 2020, replying to a Twitter user who renewed calls for Musk to form a new holding company under that name, although he dismissed the idea of X acquiring his businesses. In July 2017, Musk reacquired the domain X.com, for an undisclosed amount, from PayPal. Musk considered forming a holding company named "X" for Tesla, Inc. In March 2000, X.com merged with competitor Confinity to create PayPal. The name "X" dates back to X.com, an online bank co-founded by Musk in 1999. A third entity would then help take on a US$13 billion loan provided by various large banks to acquire Twitter. According to the filings, one of the entities was to merge with Twitter, Inc., while another was to serve as the parent company of the newly merged company. In April 2022, filings submitted to the Securities and Exchange Commission (SEC) revealed Musk had formed three corporate entities in Delaware, all under the name of X Holdings. Further information: Acquisition of Twitter by Elon Musk and Twitter under Elon Musk
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