X.com was an early online bank, and the company was initially funded by Musk and Greg Kouri, who went on to fund Musk’s later ventures, Tesla and SpaceX.

Musk uses the letter X in several of his business interests, including SpaceX and Tesla car models.

Musk established X Corp. in March as the parent company of Twitter, making way for Twitter’s rebranding. The rebranding is part of Musk’s vision to create a “super app” with multiple functionalities. In April, Twitter introduced a new feature that allowed app users to access the crypto market and other financial market services from within the app.

Musk’s plans to transform Twitter began long before the takeover. In a recent interview, Musk reiterated that the main motive behind rebranding to X was to create an “everything app,” a concept popular in China. Chinese social media applications, such as WeChat, are used for text and video calls, and have provisions to pay bills, book cabs, book restaurants and other financial activities without leaving the app.