Micro-blogging platform Twitter has partnered with social trading and multi-asset investment company that focuses on providing financial services eToro, to enable users to buy and sell stocks.
Through this partnership, Twitter users will be able to access market charts on an expanded range of financial markets to get up-to-date prices for stocks, ETFs, commodities, and cryptos by simply searching using a $Cashtag symbol. This collaboration aims to provide a seamless experience for Twitter users, enabling them to click through the eToro platform for more comprehensive information on the asset and the option to invest.
Speaking on its recent collaboration with Twitter, eToro CEO, and Co-founder Yoni Assia said, “Financial content on social media has provided education to many who have felt excluded by more traditional channels. Twitter has become a crucial part of the retail investing community. It is where millions of ordinary investors go every day to access financial news, share knowledge, and converse.
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“As the social investing network, eToro was built on these very principles, community, knowledge-sharing, and better access to financial markets. There is power in shared knowledge and by transforming investing into a group endeavor, we can yield better results and become more successful together.”
Also commenting on the partnership with eToro, Vice President of Global Sales and Marketing at Twitter Chris Riedy said, “Twitter is what is happening and what people are talking about right now. We believe real change statutes with conversion and finance and investing are a growing part of that conversation. We are pleased to partner with eToro to provide Twitter users with additional market insights and greater access to investment capabilities. Twitter will continue to invest in growing the FinTwitter community”.
It is interesting to note that Twitter in December 2022, added pricing data for $Cashtags, and the feature has been widely adopted with more than 420 million searches for $Cashtags since the start of the year. Some of the most commonly used $Cashtags include $TSLA (Tesla), $SPY (SPDR S&P 500 ETF), and $BTC (Bitcoin). The increased use of $Cashtags is part of a growing trend to financial discourse on Twitter, with a recorded 498 million global tweets about business and finances in the first 90 days of 2023.
Twitter’s partnership with eToro, a multi-asset investment platform is part of Elon Musk’s plan to transform the platform into a super app that will offer financial services. In a recent report, Musk recently merged the social media platform into his X Holdings Corp., signaling a move toward his vision of making Twitter an everything app.
Recall that when he purchased the platform for a $44 billion deal in October 2022, he tweeted that “Buying Twitter is an accelerant to creating X, the everything app”. Also, while speaking at a conference in November last year, Musk said, “There’s a product plan I wrote in July of 2000, where I thought it would be possible to make the most valuable financial institution in the world. That’s part of why I think Twitter will be ultimately extremely valuable because I’m going to execute the X.com game plan from 22 years ago with some improvements.”
Meanwhile, experts have stated that there is no guarantee that anyone will switch to Twitter as a default payment method, but some could see it happening. Daniela Hawkins, who advises on digital transformation in the financial industry at consultancy firm Capco, stated that if Musk can build a user-friendly interface and win the trust of users who have grown leery of security and privacy risks associated with social media apps, it could be a winning strategy.
