Twitter users can now access stocks, cryptocurrencies and other financial assets via the site as part of a partnership with social trading company eToro.
The new feature, launched Thursday, adds to another existing Twitter financial tool called cashtags.
The tool allows users to view trading data by searching a specific ticker symbol with a dollar sign in front. Now, when users search a cashtag they will be greeted with a “view on eToro” button that will take them to the eToro website where they can buy and sell assets.
“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,” eToro CEO Yoni Assia told CNBC.
The partnership marks another significant change at Twitter since tech billionaire Elon Musk bought the company back in November.
It could be seen as a way for Mr. Musk to turn Twitter into a so-called “super app.” Before he closed the deal to purchase Twitter in October Mr. Musk said that purchasing Twitter was a means to create an “everything app.”
The concept of an everything app hasn’t caught on well in the U.S. but is hugely popular in East Asia, where eToro has millions of users. Everything apps encompass tasks from shopping to asset trading to direct messaging.
It is likely no surprise then that Mr. Musk changed the corporate name of Twitter to “X Corp.” after merging with the shell company earlier this week. Last month, the CEO told Morgan Stanley that he thinks Twitter can be the “biggest financial institution in the world.”
Making Twitter a more attractive place for finance could also be seen as another money-making plan for the CEO who has made sweeping changes in an effort to generate new revenue for the company after a significant number of advertisers left the site.
Since taking over, Mr. Musk has fried thousands of Twitter employees and launched a new subscription program called Twitter Blue. The results have so far been mixed.
The company is facing lawsuits from former employees who say they were fired without proper notice and reports suggest that Twitter Blue has yet to attract enough subscribers to meet its goals.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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