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Musk pushes Twitter into finance

The social network’s new partnership with an online brokerage will allow stock and crypto trading

Social media company Twitter has partnered with trading and investing platform eToro to allow users access to real-time prices for cryptocurrencies, stocks and other assets, and to enable the trading of those instruments.

According to eToro’s statement on Thursday, the trading data will be available through Twitter’s cashtags feature, which was rolled out in 2012, allowing users to interact with content around an asset by inserting a dollar sign in front of the ticker.

With the eToro partnership, Twitter cashtags will be expanded to cover far more instruments and asset classes, an eToro spokesperson reportedly told CNBC.

Twitter users will also be able to click a button that says “view on eToro,” to get information about the asset and decide whether to invest.

“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,” eToro’s Chief Executive, Yoni Assia, said in an interview with CNBC.

“There is very high-quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro,” the CEO said.

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A Twitter logo is seen on a computer screen in this photo illustration in Warsaw, Poland on March 5, 2019
Musk reveals part of Twitter’s algorithm

Elon Musk, who acquired Twitter for $44 billion last year and brought a range of changes to the company, is aiming to turn the microblogging platform into a so-called “super app” that would offer users various services such as instant messaging, banking and travel.

The billionaire revealed last month he wants Twitter to become “the biggest financial institution in the world.”

According to a court filing, he has changed the corporate name of Twitter to X Corp after merging with a shell company of that name.

For more stories on economy & finance visit RT’s business section

April 13, 2023 at 10:43PM
RT

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