The topline
Twitter will allow users to trade stocks and cryptocurrencies as part of a new deal with social investing company eToro, CNBC reported Thursday, the latest step towards achieving owner Elon Musk’s expansive vision of transforming the platform into a multifaceted “everything app” in the vein of the Chinese behemoth WeChat.
Twitter is partnering with eToro, according to reports. This partnership will allow Twitter to broaden its financial offering.NurPhoto via Getty Images
The Key Facts
CNBC reports that Twitter will let its users view market charts as well as buy and sell stocks, cryptocurrencies, or other assets, via the mobile app.
The collaboration will increase the number of trading data available for Twitter users who have already access to some data and provide a greater range of financial instruments as well, eToro announced.
Twitter users will be able to purchase and sell stocks and cryptocurrencies with a click of a button.
The button, labeled “view on eToro,” will take users through to eToro’s platform where they can then buy or sell assets.
eToro CEO Yoni Assia told CNBC the deal will help better connect the two brands, adding that in recent years its users have increasingly turned to Twitter to “educate themselves about the markets.”
Assia said there is a great deal of “very high quality” content available in real-time and that the partnership with Twitter will help eToro expand to reach new audiences tapping this as a source of information.
News Peg
Musk, who purchased Twitter for $44 billion last year, has been open about transforming the social media company into an “everything app.” These superapps, most notably China’s WeChat, are ubiquitous in Asia but have struggled to make inroads elsewhere, something Musk hopes to change. These apps are like digital Swiss Army knives. They combine many functions of different apps, such as ride hailing and financial services with chat and media. Musk has ambitious plans for his superapp, “X,” and has previously said he wants it to be the world’s leading financial institution. In early April, Twitter’s incorporated name was quietly changed to X Corp.
SME Valuation
$185 billion. That’s Musk’sBased on an estimate of net worth SME’Real-time tracker. His wealth includes Tesla’s electric carmaker, SpaceX rocket company Boring Company, and Neuralink, a brain-interface company.
dditional ReadingTwitter teams up with eToro for users to trade stock, crypto and other financial instruments (CNBC).
Twitter Inc. is ‘No More Exists’ as Elon Musk Moves Closer to X “Everything App” Ambitions (SME).
Elon Musk And The Super Alluring Dream For A ‘Super App’ (SME)
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