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X is used in maths to describe the unknown in equations. It entered pop-culture representing the unknown/mysterious or the different.
Musk uses it to symbolise difference or breaking from the past, which is ironic as he is becoming the modern embodiment of failed ideologies.
Maybe yes - maybe it also means “88”
U+0088 = HTS Character Tabulation Set. Latin-1 Supplement.
U+0078 = Latin Small Letter X (dec 120) U+0058 = Latin Capital Letter X (dec 88)