Social media giant Twitter has partnered with eToro, a social trading company, to offer its users access to stocks, cryptocurrencies, and other financial assets. The new feature will allow users to view market charts on a wider range of financial instruments and buy and sell assets from eToro, directly from the Twitter app. Currently, users can view real-time trading data from TradingView on index funds and select company shares using Twitter’s “cashtags” feature. However, the partnership with eToro will expand the cashtags feature to cover more instruments and asset classes. Users will also be able to click on a button that says “view on eToro” and buy and sell assets on the eToro platform.
The partnership between Twitter and eToro marks a significant business deal for Twitter since Elon Musk became CEO after acquiring the platform for $44 billion last year. The Israeli online brokerage eToro was founded in 2007 and allows users to buy and sell stocks, cryptocurrencies, and index funds. Among its most popular features is a function 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.
Under Musk’s leadership, Twitter has reduced its staffing sharply to reduce costs and reach profitability. However, this has spooked advertisers, with many brands leaving the platform due to concerns about its content moderation standards slipping. Musk aims to turn Twitter into a “super app,” offering users a range of services such as instant messaging, banking, and travel. Musk wants Twitter to become the biggest financial institution globally. The intersection of finance and social media has become a popular trend, and Twitter has played a significant role in the boom in retail trading in 2021.
