- Elon Musk announces agreement with eToro to bring Twitter to the financial sector.
- It seeks to turn Twitter into the western version of WeChat.
- It will be possible to buy and sell shares and cryptocurrencies on Twitter from April 13, expanding the investment options with the “cashtag” function and a “view on eToro” button.
Elon Musk wants to take Twitter to the financial sector and a key step on that path was taken this Thursday, April 13, by announcing an agreement with eToro, the stock and cryptocurrency exchange platform.
The novelty is one of the biggest changes that the network is giving since the Tesla co-founder magnate bought the platform by paying 44 billion dollars.
Musk’s idea is to turn Twitter into the western version of WeChatthe “super app” created in China by the Asian giant Tencent Holdings.
WeChat offers everything from messaging to loans and online payments.
At a conference at Morgan Stanley in March, Musk said he wanted Twitter to become “the largest financial institution in the world”.
The possibility of buying and selling shares and cryptocurrencies on Twitter will be available from this same April 13, according to CNBCmedium that had the exclusive Musk.
Twitter and eToro: the biggest alliance of 2023
Currently, it is already possible to see some real-time asset price data from TradingView on index funds such as the S&P 500 and stocks of some companies.
This can be done by using Twitter’s “cashtag” feature and searching for a ticker symbol.
With the agreement with eToro, the cashtag they will be expanded to cover many more investment instruments and asset classes.
You will also be able to click on a button called “view on eToro” that will take you to the investment platform.
Yoni Assia, CEO of eToro, argued the agreement that “On Twitter there is very high-quality content and in real time about company financial analysis and about what is happening in the world of finance.” For this reason, he understands that “this association will allow eToro to reach these new audiences.”
Founded in Israel 15 years ago, eToro is an online exchange that allows users to buy and sell stocks, cryptocurrencies, and index funds.
Among its best-known features is a feature that allows people to imitate the financial strategies of other users.
The company has more than 30 million registered users.
Musk y la BBC
The news came 24 hours after a tense interview by Musk with the BBC that we reported on in Merca2.0.
There, the tycoon said that the company currently has 1,500 workers and that it had “almost 8,000” when he took control.
He also said that the company’s financial situation is “almost breaking even” and that most of the platform’s advertisers have returned.
As he explained, the effort (aggressive, by the way) to reduce costs is paying off. And he explained that he had to take tough measures because when he arrived there was a negative cash flow of 3 billion dollars.
In addition, he told the BBC that the company “could have operating profits this quarter.”
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