Twitter has partnered with eToro to allow its users access stocks, cryptocurrencies, and other financial assets, CNBC reported on April 13.
According to the report, the new feature will be rolled out later today and will advance Twitter’s current cashtag feature.
eToro’s CEO and founder Yoni Assia confirmed the partnership on Twitter. Assia reportedly said:
“There is very high quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
Since Elon Musk’s acquisition of Twitter, there have been increased speculations that he would turn the social media site into a financial application.
Elon Musk’s Twitter everything app drive
Elon Musk took another step in his vision to make Twitter an everything app by merging it into X Corp, bringing an end to Twitter Inc.
The merger was formalized in an April 4 filing in federal court and Musk made reference to it in a tweet.
The billionaire has been talking about the idea of an app where people can do everything — similar to China’s WeChat. At the time of acquiring Twitter in 2022, he described the purchase as “accelerant to creating X, the everything app.”
In a Morgan Stanley conference last month, Musk stated that the goal is for the app to “become the biggest financial institution in the world.”
It will be an app where users can transfer funds and earn interest on their money, he added.
Musk’s obsession with WeChat is understandable given that most social media platforms depend heavily on ad revenue — something that an everything app like WeChat has been able to avoid.
Twitter revenue has taken a hit in recent months as businesses reduce their ad spending on the platform. With the company struggling to achieve profitability, internal valuations have dropped to $20 billion — less than 50% of what Musk paid for it.
But Musk believes that Twitter can be valued at more than $250 billion once it ventures fully into finance.
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