Elon Musk has tried to re-brand PayPal as “X” years ago and was shot down due to focus groups stating it reminded them of adult websites.
Thiel and PayPal co-founder Max Levchin plotted a coup against Musk while he was on his first vacation in years. The board fired Musk as CEO in September 2000 and replaced him with Thiel. Thiel formally changed the name of the combined company to PayPal in 2001.
There’s a GREAT Twitter thread explaining everything that went on with this. Although I think you need an account there these days to read it all.