this post was submitted on 25 Jul 2023
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Yes, mostly.
X.com was Musk's site after he worked at Scotiabank. They merged with another site that had a product called Paypal that was getting some traction. Musk tried to tie the other services X.com was offering at the hip with Paypal, and if you're old enough you probably remember a "Paypal by X.com" (or similar) branding back when you needed to buy a used 56k modem from eBay.
Musk wanted to rebrand everything to x.com, was a huge baby about it, and got pushed out as an executive and replaced by Peter Thiel. A few years ago, Musk purchased the X.com domain name from Paypal like it was a treasured childhood sled, and he's finally found something (very stupid) to do with it.