Elon Musk, Twitter’s billionaire owner, is making the social media platform more like a finance machine. Musk recently stated at a Morgan Stanley conference that he is striving to make Twitter the “biggest financial institution in the world.
The “Cashtag” feature has been released, allowing users to look up stock prices and get live updates. With the aim of turning Twitter into a “super app”, Musk is encouraging users to carry out commercial operations, including trading stocks and cryptocurrencies.
The Cashtag feature was added to Twitter in December 2022, and has since seen an increase in the number of searches for financial information on the platform. Twitter has reported over 420 million hashtag searches and 4.7 million searches per day since the beginning of the year. This number continues to increase whenever a company announces its financial results. For instance, the daily searches for the hashtag “Apple” reached 8 million when the company revealed its fourth-quarter results in February.
As of Thursday, Twitter users will be able to view comprehensive financial data and purchase stocks, cryptocurrencies, and other financial instruments. This became available following the formation of a partnership with the Israeli online broker eToro. Users of Twitter will be able to view statistics, stock graphs based on various time frames, and the value of the company. Users can access this information by clicking the “View on eToro” button on the Cashtag page, which can be accessed by prefixing the stock name with a dollar sign in Twitter’s search interface.
This partnership marks a significant business deal for Twitter since Elon Musk took over as CEO after buying the platform for $44 billion in 2022. The eToro app is known for its popular feature that allows users to mimic the trading strategies of other users. The company has over 32 million registered users across Europe, Asia, and the United States.
According to eToro’s CEO, Yoni Assia, the company has seen an increase in user interaction on Twitter over the past three years, with more users educating themselves about the markets. The partnership with Twitter comes at a crucial time for eToro, which had to cancel its SPAC merger due to market difficulties and reported a decrease in crypto revenues. However, the company completed a successful capital raising last month, raising $250 million.
Established as an online trading platform for Forex and Contracts for Difference (CFD), eToro has expanded to trading stocks, commodities, and currencies. The app has a social network-like interface that allows users to share, track, and criticize traders on its platform. Despite a difficult year, eToro remains a popular trading app, attracting users from all over the world.