In a partnership with social trading firm eToro, Twitter will allow its users to access stocks, cryptocurrencies, and other financial assets. Beginning Thursday, the Twitter app will introduce a new feature that enables users to view market charts for a broader range of financial instruments and buy and sell stocks and other assets through eToro, as exclusively reported by CNBC.
Twitter's "cashtags" feature currently allows users to view real-time trading data from TradingView for index funds like the S&P 500 and shares of select companies, such as Tesla. The partnership with eToro will expand cashtags to include more instruments and asset classes, according to an eToro spokesperson.
Users will be able to click a button labeled "view on eToro," which directs them to eToro's site to buy and sell assets on its platform. TradingView serves as eToro's market data partner. eToro CEO Yoni Assia stated in an interview with CNBC, "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."
This partnership is a significant business move for Twitter since Elon Musk became CEO after purchasing the platform for $44 billion in 2021. Founded in 2007 in Israel, eToro is an online brokerage that facilitates the buying and selling of stocks, cryptocurrencies, and index funds. The platform has over 32 million registered users in Europe, Asia, and the United States.
Since taking over as CEO, Musk has significantly reduced staffing from 8,000 to 1,500 in an effort to cut costs and achieve profitability. This move initially alarmed advertisers, with many brands leaving the platform due to concerns about content moderation standards. However, Musk announced on Wednesday that "almost all" advertisers have returned.
Assia mentioned that "Fintwit," or financial Twitter, has become a popular trend on the app, with many users relying on it for breaking news and stock updates. Twitter was instrumental in the retail trading surge in 2021. Musk's goal is to transform Twitter into a "super app" that offers a range of services, such as instant messaging, banking, and travel. This concept has been successful in East Asia, with Tencent's WeChat messaging app providing payment services in China.
