Twitter has teamed up with social trading company eToro to offer users access to stocks, cryptocurrencies, and other financial assets. The partnership, which begins on Thursday, will allow users to view market charts on an expanded range of financial instruments and buy and sell assets from eToro. The deal marks a rare and noteworthy business partnership for Twitter since Elon Musk took over as CEO after buying the platform for $44 billion last year. Musk is aiming to turn Twitter into a “super app” that offers users financial services on top of social media.
Expanding Twitter Cashtags
Currently, Twitter allows users to view real-time trading data from TradingView on index funds such as the S&P 500 and shares of some companies like Tesla. This can be done using Twitter’s “cashtags” feature, which involves searching for a ticker symbol and inserting a dollar sign in front of it. The app then shows users price information from TradingView using an API. With the eToro partnership, Twitter cashtags will be expanded to cover a far broader range of instruments and asset classes, according to an eToro spokesperson.
Accessing eToro’s Trading Platform
Users will also be able to click a button that says “view on eToro,” which takes them through to eToro’s site to buy and sell assets on its platform. EToro uses TradingView as its market data partner. eToro CEO Yoni Assia said that the company had seen more and more of its users interacting on Twitter and educating themselves about the markets. He believes the partnership will enable eToro to reach new audiences and connect better the brands of Twitter and eToro.
Musk’s Ambition for Twitter
Musk’s ambition for Twitter is to become a “super app” that offers users a range of services such as instant messaging, banking, and travel. Such concepts have proven wildly popular in East Asia, with internet giant Tencent offering payments through its WeChat messaging app. Musk recently changed Twitter’s corporate name to X Corp after merging with a shell company with that name, highlighting his ambition to turn the firm into a super app. He wants Twitter to become “the biggest financial institution in the world.”
Conclusion
Twitter’s partnership with eToro is a significant step in the social media giant’s journey to becoming a super app that offers financial services. The partnership will allow Twitter users to access stocks, cryptocurrencies, and other financial assets through eToro. It will also expand Twitter cashtags to cover a broader range of instruments and asset classes. Elon Musk’s ambition for Twitter is to turn it into a super app, offering a range of services beyond social media, including instant messaging, banking, and travel. The partnership with eToro is a significant milestone towards achieving that goal.
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