Twitter Will Let Users Buy Stocks, Crypto As Elon Musk Pushes ‘Everything App’

by Arthur · April 13, 2023

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Twitter will allow users to trade stocks and cryptocurrencies as part of a new deal with social investment company eToro, CNBC reported Thursday, the latest step toward achieving owner Elon Musk’s expansive vision to transform the platform into a multifaceted “everything app” in style with the Chinese giant WeChat.

expand its financial offerings.

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Keywords

Twitter will allow 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 types of real-time trading data available to Twitter users, who already have access to some real-time data, and display an expanded range of financial instruments and asset classes, eToro said.

Twitter will also give users the ability to buy and sell stocks, cryptocurrencies and other assets at the touch of a button.

The button, labeled “watch eToro”, will take users through to eToro’s platform where they can then buy or sell assets.

eToro CEO Yoni Assia told CNBC that the deal will help better connect the two brands, adding that in recent years users have increasingly turned to Twitter to “educate themselves about the markets.”

Assia said there is a lot of “very high-quality” content available in real-time, and the partnership with Twitter will help eToro expand to reach new audiences that use this as a source of information.

News Peg

Musk, who bought Twitter for $44 billion last year, has been open about transforming the social media company into an “everything app.” These super apps, especially China’s WeChat, are ubiquitous in Asia but have struggled to make inroads elsewhere, something Musk hopes to change. Like digital Swiss Army knives, they combine the functionality of various apps into one, including ride hailing, financial services, chat, media, gaming, food delivery and investing. Musk has ambitious plans for his super app, “X,” and has previously said he wants it to be the world’s leading financial institution. In early April, Twitter’s corporate name was quietly changed to X Corp.

Forbes valuation

185 billion dollars. It is Musk’s estimated net worth, according to Forbes’ real-time tracking. Important parts of his fortune are linked to the electric car manufacturer Tesla, as well as the rocket company SpaceX, the tunneling company Boring Company and the brain interface company Neuralink.

I am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously, I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, technology and health. I have master’s degrees in biological sciences and the history and philosophy of science from Downing College, Cambridge University. Follow me on Twitter @therobertthart or contact me at [email protected]