Context: Twitter is currently rebranding it self as X.com, which is the bottom logo. X.org is a FOSS implementation of the The X Window System which is being slowly replaced by the newer Wayland display server. Because of the Twitter rebrand Someone decided to make Wayland.social, to parody the X.org to Wayland transition.
It was taken over by PayPal, yeah. PayPal was the better processor and didn’t want competition
PayPal didn't have enough cash to expand as quickly as they wanted to though, so they merged with x.com to get ahold of that blood emerald money.