X-Finance

"“X-Finance” product portfolio, including its savings and brokerage accounts. To compel users to move money onto the platform, the company set a 5 percent interest rate on its savings accounts, among the highest in the nation. “We gave back one hundred percent [of our profits on savings accounts],” Sacks noted. “We weren’t trying to make money.... We were trying to incentivize people to keep money in their accounts.”"

"Musk decreed that PayPal be referred to as “X-PayPal” and that all stand-alone references to PayPal be scrubbed. X would prefix the entire ecosystem—including products like X-PayPal and X-Finance. “If you want to just be a niche payment system, PayPal is better. If you want to, say, Let’s, like, basically take over the world’s financial system, then X is the better name, because PayPal is a feature, not the thing itself,” Musk said. To him, naming the company PayPal “would be like Apple naming itself the Mac.”"

"Musk decreed that PayPal be referred to as “X-PayPal” and that all stand-alone references to PayPal be scrubbed. X would prefix the entire ecosystem—including products like X-PayPal and X-Finance. “If you want to just be a niche payment system, PayPal is better. If you want to, say, Let’s, like, basically take over the world’s financial system, then X is the better name, because PayPal is a feature, not the thing itself,” Musk said. To him, naming the company PayPal “would be like Apple naming itself the Mac.”"

"“X-Finance” product portfolio, including its savings and brokerage accounts. To compel users to move money onto the platform, the company set a 5 percent interest rate on its savings accounts, among the highest in the nation. “We gave back one hundred percent [of our profits on savings accounts],” Sacks noted. “We weren’t trying to make money.… We were trying to incentivize people to keep money in their accounts.”"