Elektra Records is an American record label owned by Warner Music Group. It was founded in 1950 by Jac Holzman and Paul Rickolt; like many business ideas, the record label formed in Holzman and Rickolt's college dorm room. Both founders invested $300, and the name came from Holzman's missing K in his name and Greek mythology. The record label would become an important factor in contemporary folk and rock music's developmental phases in the '50s and '70s.