Musk's Twitter forays into finance, allows users to trade stocks, crypto
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Elon Musk-led Twitter will now allow users the option to buy stock, cryptocurrencies, and other financial assets through its app, CNBC reported. This marks the first major change in Twitter's offerings as it looks to revamp itself under Musk's leadership.
Having paid a $44 billion fee to "unlock the true potential" of Twitter, Musk spent the first few months severely downsizing the company and bringing its expenses under control. In a recent interview, Musk called ownership of Twitter a painful experience while also adding that the company was now breaking even.
Twitter seems to have finally turned over a new leaf with the announcement of the rollout of a new feature on Thursday which will be powered through a partnership with eToro, a social trading company that allows users to buy and sell financial assets like stocks, cryptocurrencies, and index funds.
Twitter forays into finance
Twitter had previously rolled out its "cashtags" feature that allows users to view trading data of index funds and some companies in real-time. This feature works with an application programming interface (API) from TradingView, a charting platform for investors and traders.
With eToro's partnership, the cashtags feature will be expanded to cover a larger number of assets and instruments. Apart from TradingView's data, users will now be able to see an additional button that says, View on eToro, which will take them to the trading company's website where they can carry out transactions.
Founded in 2007 in Israel, eToro is a popular online brokerage firm with over 32 million users across different continents and even allows investors to mimic the trading strategies of other users.
The move to allow users to see financial data is not surprising since many use the platform to find breaking news and updates on financial assets. Financial Twitter or Fintwit, has been one of the main drivers of usage on the platform with an average of 4.7 million cashtag searches per day in 2023 alone.
As Musk looks to copy the WeChat model to build a super app that offers travel and financial services in addition to social media, the company whose legal identity is no longer Twitter Inc., is set to go through some major changes.
Recently Musk replaced the Twitter bird logo with a Shiba Inu and even took off the 'w' from the company board at its headquarters in San Francisco. Additionally, there are also reports that Musk has ordered thousands of graphic processing units (GPUs) for an artificial intelligence project at the company now referred to as X.
Only Musk can tell us where the company is headed in the future. Until then, we will see Twitter being dismantled and re-engineered live in front of our eyes.
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