Why is Twitter being rebranded as 'X'? Elon Musk's biographer reveals the story that began in 1999

Elon Musk has revealed his master plan to rebrand Twitter as 'X.' This decision, which seems to come straight out of Musk's past, is not as random as it may appear. The concept of 'X' dates back to 1999 when Musk founded an ambitious venture called http://X.com. Musk envisioned that the X brand will revolutionize the financial industry.

In his upcoming book, 'Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future,' biographer Walter Isaacson delves into the roots of Musk's fascination with 'X.com.' Back then, Musk envisioned 'X.com' as a comprehensive platform that would encompass all financial services, providing users with banking, digital purchases, credit cards, investments, loans, and more. Musk believed that money is essentially data and sought to securely record all transactions in real-time, making 'X.com' a multitrillion-dollar company.

Isaacson, in his book, wrote, "His concept for http://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."

Also read: 'X' replacing Twitter: Elon Musk shares 'X' link, says new logo to go live later today

Isaacson claimed that the journey to build 'X.com' was filled with challenges and intense pressure. Musk set tight deadlines and drove his colleagues relentlessly to meet them. He was determined to make 'X.com' a groundbreaking success. One feature that became a massive hit was the ability to send money by email, particularly popular on eBay for paying strangers after making purchases.

In the excerpt he shared on Twitter, Isaacson wrote, "In the weeks leading up to that, Musk prowled the office each day, including Thanksgiving, in a nervous and nervous-making frenzy, and slept under his desk most nights. One of the engineers who went home at 2 a.m. Thanksgiving morning got a call from Musk at 11 a.m. asking him to come back in because another engineer had worked all night and was 'not running on full thrusters anymore.'"

After a merger with a company co-founded by Peter Thiel and Max Levchin, 'X.com' evolved into what we know today as PayPal. But even then, Musk insisted on keeping 'X.com' as the parent company's name, emphasizing his long-term vision of dominating the world's financial system.

Also read: 'Soon we shall bid adieu to Twitter brand': Elon Musk is killing Twitter bird for new 'X' logo

Fast forward to 2022, and Elon Musk's interest in 'X.com' resurfaced, leading him to plan the rebranding of Twitter with that iconic name. According to Isaacson, he sees Twitter's potential as a catalyst to fulfill his original vision from 1999. The tech mogul envisions turning Twitter into a combination of financial platform and social network, powered by AI, and offering services like payments, messaging, and more, effectively becoming a global marketplace for ideas, goods, services, and opportunities.

Musk's decision to embrace 'X' as Twitter's new identity is part of his grand plan to transform the micro-blogging platform into a super app, akin to China's WeChat, which integrates various services and functions within a single platform. 

The announcement of 'X' as the new face of Twitter has already led to significant changes within the company. The iconic bird logo and the 'Twitter' brand name are being phased out, giving way to an 'X'. Twitter's CEO, Linda Yaccarino, expressed her excitement about the transformation, emphasizing the potential of 'X' to create a global marketplace and connect people in unprecedented ways.

The infatuation of @elonmusk with the name https://t.co/CZLJi8uLXZ goes way back. Here are some excerpts from my upcoming book, https://t.co/7JGHd10lOC
"When his cousin Peter Rive visited in early 1999, he found Musk poring over books about the banking system. “I’m trying to… https://t.co/2PQr0qQhVG pic.twitter.com/WDdACBZTmc

— Walter Isaacson (@WalterIsaacson) July 23, 2023