Twitter has partnered with eToro, a social trading company, to allow its users to access stocks, cryptocurrencies, and other financial assets. A new feature will be rolled out on the Twitter app starting Thursday, enabling users to view market charts on a wider range of financial instruments and buy and sell stocks and other assets from eToro. Currently, Twitter’s “cashtags” feature allows users to view real-time trading data from TradingView on index funds and shares of some companies, such as Tesla.
The eToro partnership will expand Twitter cashtags to cover more instruments and asset classes. Users will also be able to click a button that says “view on eToro” and buy and sell assets on its platform. eToro has more than 32 million registered users across Europe, Asia, and the United States.
Yoni Assia, eToro’s CEO, said the partnership will help them connect better with Twitter users and reach new audiences. The partnership is a rare and noteworthy business deal for Twitter since Elon Musk took over as CEO last year.
Under Musk’s leadership, Twitter has reduced its headcount from 8,000 to 1,500 to reach profitability, which has led to concerns from advertisers about content moderation standards. While Musk said that almost all advertisers had returned to the app, Stellantis and Volkswagen said they do not yet plan to resume advertising on the platform.
Assia stated that he did not have any direct contact with Musk. However, he joked that after having met Warren Buffett and Bernard Arnault, two of the world’s wealthiest individuals, a meeting with Musk was bound to happen.
In an exclusive interview with CNBC this week, Assia expressed excitement about the intersection of finance and social media. He mentioned that “Fintwit,” or financial Twitter, has become a popular trend on the app, which many people use to find breaking news and updates on stocks and other assets. Twitter played a crucial role in the 2021 boom in retail trading.
In December 2022, Twitter added pricing data for $Cashtags. Since the start of 2023, there have been over 420 million searches for Cashtags, averaging approximately 4.7 million a day.
Musk aims to transform Twitter into a “super app,” offering users various services, such as instant messaging, banking, and travel. The concept has been popular in East Asia, where Tencent provides payments through its WeChat messaging app.
Musk recently changed the corporate name of Twitter to X Corp after merging with a shell company with that name, according to a court filing, highlighting his ambition to turn the firm into a super app. Weeks before completing his acquisition of Twitter, Musk tweeted that buying the company was an “accelerant to creating X, the everything app.” He wants Twitter to become “the biggest financial institution in the world,” as he told a Morgan Stanley conference last month.
Assia hopes that eToro’s partnership with Twitter will expand beyond the current step, given Musk’s focus on finance.