Twitter Will Let Users Buy Stocks, Crypto As Elon Musk Pushes ‘Everything App’
Top line
Twitter will allow users to trade stocks and cryptocurrencies as part of a new deal with social investment company eToro, CNBC reported Thursday, the latest step toward achieving owner Elon Musk’s expansive vision to transform the platform into a multifaceted “everything app” in style with the Chinese giant WeChat.
Keywords
Twitter will allow users to view market charts and buy and sell stocks, cryptocurrencies and other assets from eToro via its mobile app, the social trading platform told CNBC.
The partnership will significantly expand the types of real-time trading data available to Twitter users, who already have access to some real-time data, and display an expanded range of financial instruments and asset classes, eToro said.
Twitter will also give users the ability to buy and sell stocks, cryptocurrencies and other assets at the touch of a button.
The button, labeled “watch eToro”, will take users through to eToro’s platform where they can then buy or sell assets.
eToro CEO Yoni Assia told CNBC that the deal will help better connect the two brands, adding that in recent years users have increasingly turned to Twitter to “educate themselves about the markets.”
Assia said there is a lot of “very high-quality” content available in real-time, and the partnership with Twitter will help eToro expand to reach new audiences that use this as a source of information.
News Peg
Musk, who bought Twitter for $44 billion last year, has been open about transforming the social media company into an “everything app.” These super apps, especially China’s WeChat, are ubiquitous in Asia but have struggled to make inroads elsewhere, something Musk hopes to change. Like digital Swiss Army knives, they combine the functionality of various apps into one, including ride hailing, financial services, chat, media, gaming, food delivery and investing. Musk has ambitious plans for his super app, “X,” and has previously said he wants it to be the world’s leading financial institution. In early April, Twitter’s corporate name was quietly changed to X Corp.
Forbes valuation
185 billion dollars. It is Musk’s estimated net worth, according to Forbes’ real-time tracking. Important parts of his fortune are linked to the electric car manufacturer Tesla, as well as the rocket company SpaceX, the tunneling company Boring Company and the brain interface company Neuralink.
Further reading
Twitter partners with eToro to let users trade stocks, crypto as Musk pushes app into finance (CNBC)
Twitter Inc. ‘No Longer Exists’ As Elon Musk Closes In On X ‘Everything App’ Aspirations (Forbes)
Elon Musk and the super-alluring dream of a “super app” (Forbes)
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