Elon Musk brings Etoro on board

In early April 2023, Elon Musk had changed the Twitter logo to the Dogecoin icon. There may have been more behind this than a simple move to drive the cryptocurrency up.

Because Twitter boss Musk has taken a first step to make Twitter the super app he planned. The partnership with Etoro should now enable Twitter users to trade cryptocurrencies and stocks on the platform.

The new feature is to be rolled out as early as today, Thursday CNBC reports. So far, however, nothing has been seen in this country.

The so-called cash tags introduced in November 2022 already make it possible to view chart data for certain share prices. The feature was not previously available in Germany.

Where it’s active, users simply search for the ticker symbol of a public company or index like the S&P 500, preceded by the dollar sign. Then the corresponding real-time chart information appears.

Twitter is currently working with Tradingview on this. The information is fed in via an API. There have been over 420 million searches for cash tags since the beginning of the year, according to CNBC.

The Etoro cooperation is now expanding the companies and cryptocurrencies and asset classes that can be called up via the cashtag function. Twitter will also have a button (“View on Etoro”) that will redirect users to the trading platform.

Etoro hopes the deal will reach new users. In recent years, his company has noticed that more and more of its users are interacting on Twitter and finding out about the markets, according to Etoro CEO Yoni Assia.

For Twitter, the cooperation with Etoro is one of the few major business deals since Musk took over the platform. Most recently, Twitter had made headlines with the loss of major advertising partners.

In addition, the number of employees was drastically reduced, namely from 8,000 to 1,500. This should allow the company, which is deep in the red, to return to profitability.

In the medium term, Musk wants to turn Twitter into a super app, similar to Wechat in China. In addition to the previously dominant social media function, there should also be features for banking or booking travel.

The financial sector seems to be particularly in focus. Musk is said to have declared at a conference a few weeks ago that he wanted to make Twitter the “largest financial institution in the world”.

The fact that Musk is pushing ahead with his plans was recently shown by the fact that Twitter is now called X Corp. Even before the completion of the Twitter acquisition, Musk had stated that he wanted to promote the creation of a super app called X.

In any case, Etoro boss Assia sees the possible further orientation of Twitter towards the financial world positively. Assia hopes to be able to expand the partnership even further, as CNBC writes.