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 reportedly partnering with eToro to expand its financial offerings.
Key Facts
Twitter will allow its 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 kinds of real-time trading data available to Twitter users, who already have access to some real-time data, and show an expanded range of financial instruments and asset classes, eToro said.
Twitter will also give users the option to buy and sell stocks, cryptocurrencies and other assets at the 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. They are like digital Swiss army knives and combine the functionality of various apps in one, including ride hailing, financial services, chat, media, gaming, food delivery and investing. 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.
Forbes Valuation
$185 billion. That’s Musk’s estimated net worth, according to Forbes’ real time tracker. Key portions of his wealth is tied to electric carmaker Tesla, as well as rocket firm SpaceX, tunneling firm Boring Company and 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 Inches Closer To X ‘Everything App’ Ambitions (Forbes)
Elon Musk And The Super Alluring Dream For A ‘Super App’ (Forbes)
Source: https://www.forbes.com/sites/roberthart/2023/04/13/twitter-will-let-users-buy-stocks-and-crypto-as-elon-musk-pushes-for-everything-app/