Through a partnership with social trading platform eToro, Twitter will provide its users with access to stocks, cryptocurrencies, and other financial assets.
On Thursday, a new feature will be added to the Twitter app. According to the company, it would allow users to monitor market charts on a broader range of financial instruments as well as buy and sell stocks and other assets via eToro.
TradingView now provides real-time trading data for index funds such as the S&P 500 as well as stocks such as Tesla. That is possible with Twitter’s “cashtags” feature: search for a ticker symbol and add a dollar sign in front of it, and the app will display price data from TradingView via an API (application programming interface).
Twitter cashtags will be expanded to encompass far more products and asset classes as a result of the eToro cooperation, according to an eToro spokesperson.
You’ll also be able to click a button labeled “view on eToro,” which will lead you to eToro’s website, where you can buy and sell assets on its platform. TradingView is EToro’s market data partner.
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets,” Yoni Assia, eToro’s CEO, told CNBC in an interview. “We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
X app
The partnership marks a rare and noteworthy business deal for Twitter since Elon Musk took the reins as CEO after buying the platform for $44 billion last year.
Under Musk’s leadership, Twitter reduced its headcount from 8,000 to 1,500 when he took aboard, in an effort to minimize costs and achieve profitability.
His actions have alarmed advertisers, who have fled the platform in fear that its content control standards may deteriorate.
Musk stated on Wednesday that “almost all” advertisers have returned to the app. Stellantis and Volkswagen, which had suspended advertising there, have stated that they do not intend to resume advertising.
Assia stated that he worked with the same team at Twitter on the stock market data tool that he had previously worked with on past relationships with the company, but that he had no direct communication with Musk.
According to Assia, “Fintwit,” or financial twitter, has become a big trend on the app, which many people use to get breaking news and updates on stocks and other assets. Twitter played an important role in the 2021 retail trading boom.
In December 2022, Twitter added pricing information for $Cashtags. Since the beginning of 2023, there have been over 420 million searches for Cashtags, with 4.7 million searches per day on average.
Musk has made it his aim to make Twitter into a “super app,” which provides users with a variety of services such as instant chat, banking, and travel.
According to a court filing, Musk changed the corporate name of Twitter to X Corp earlier this week after combining with a shell business of the same name, underscoring his aim to develop the company into a super app.
Musk tweeted weeks before completing his acquisition of Twitter, which came after several attempts to back out of the deal, that owning the firm was an “accelerant to creating X, the everything app.”
Information for this briefing was found via CNBC and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
