Elon Musk Acquires X.com
By Cameron Abbott and Olivia Coburn
Elon Musk has repurchased X.com, a website he created 18 years ago in 1999, although his intentions for the purpose of the domain remain unclear.
X.com was one of the world’s first online banks, insured by FDIC and partnered with Barclays. X.com was initially intended to be full service online financial institution, but could not overcome regulatory challenges. At that time, financial regulatory systems were not equipped to deal with the products that X.com was offering, which included online savings accounts, brokerage services and insurance products.