A Partnership Between Twitter And Etoro Will Allow Users To Trade Stocks And Cryptocurrencies

With the partnership between eToro, a social trading company based in New York, and Twitter, users will now have access to stocks and cryptocurrencies in addition to other financial assets.

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The Twitter app is going to launch an expanded range of financial instruments as well as a new feature that will allow users to view market charts on an expanded range of financial instruments and sell and buy stocks and other assets from eToro. This new feature will be available exclusively through Trade Algo.

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It is already possible for TradingView users to access real-time trading data from Index Funds such as the S&P 500, along with shares of certain companies such as Tesla, using the real-time trading data they provide. You can do this by using Twitter's "cashtags" feature - search for a ticker symbol and put a dollar sign before it, and the app will use API (application programming interface) to show you price information from TradingView.

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It is expected that the Twitter cashtags will cover a greater variety of instruments and asset classes as a result of the partnership between Twitter and eToro, a spokesperson for the company indicated to Trade Algo.

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As an added feature, you will also have a button that says, "view on eToro," where you will be taken directly to the eToro site where you will be able to make a purchase and a sale using eToro's platform, since eToro uses TradingView as its market data provider.

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It was striking to see how many eToro users we have seen interact on Twitter during the past three years as we have grown immensely, as well as educate themselves about the markets, commented Yoni Assia, CEO of eToro, in an interview with Trade Algo. 

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Our belief is that this partnership will facilitate us to reach out to new audiences and strengthen the bonds between Twitter and eToro. There are high quality, real-time articles about the financial performance of companies, in addition to a global perspective.

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After Elon Musk bought Twitter for $44 billion last year, he took the helm of the company as CEO, and this partnership marks a rare and noteworthy business deal for the platform.

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Founded in Israel in 2007, eToro enables users to buy and sell stocks, cryptocurrencies, and index funds through a simple online platform that just takes a couple of minutes to set up.

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Assia said that the company has over 32 million registered users across Europe, Asia and the United States, making it one of the most popular services on the market. One of the company's most popular features is the ability for users to mimic the trading strategies of other users.

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Twitter's headcount has decreased significantly since Musk took over the company in an attempt to reduce costs and reach profitability under his leadership, with the company's headcount going down from 8,000 to 1,500 in under a year after he took over.

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In light of his actions, many brands have decided to leave the platform in light of concerns that its standards of content moderation may be slipping, resulting in many brands leaving the platform.

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The CEO of Tesla, Elon Musk, said Wednesday that they had "almost all" advertisers returning to the app, but brands such as Stellantis and Volkswagen, which had paused advertisements, have yet to disclose if that will happen.

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It was Assia's experience that he worked with the same team at Twitter who had worked on previous partnerships with the company on the stock market data tool that he worked on on this latest collaboration.

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There was no connection between Assia and Musk directly, he said. However, he joked that because he had met Warren Buffett and Bernard Arnault, two of the world's wealthiest men, a meeting with Musk was inevitable because he had met Buffett and Arnault.

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Assia told CNBC in an exclusive interview that the intersection between financial technology and social media is one of the most exciting things about the company going forward.

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The Fintwit

Throughout the year of 2021, Bitcoin was a critical part of the boom in retail trading that took place as a result of the popularity of the “Fintwit” trend, as many users now use this platform for breaking news and updates on stocks and other assets.

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Since the start of 2023, 420 million searches have been carried out for Cashtags on Twitter as of December 2022. Data from Twitter shows that $Cashtags have been searched for on Twitter in average 4.7 million times each day since the beginning of 2022.

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As part of Musk's ambitious plan, Twitter will be restructured into a so-called "super app," which will offer users a variety of services such as instant messaging, banking, and travel services along with other applications. 

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As an example, the WeChat messaging app is used by Chinese internet giant Tencent to facilitate payments through its WeChat messaging app. The concept has proven immensely popular across East Asia.

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In a court filing published earlier this week, Musk had announced that he had merged Twitter with a shell company with the same name, thus giving the company the X Corp name, showing his ambition to make Twitter a super app, according to the court.

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In a tweet posted a week before he completed his acquisition of Twitter, Musk stated that the deal was an "acceleration of the creation of X, the everything app," as he failed to back out of the deal at least twice before the deal was completed.

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“We’re following that story probably like the rest of Twitter users,” Assia told Trade Algo. “So it will be exciting to see how Twitter focuses more on finance, and we hope to see our partnership expand even beyond this step.”

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Musk told a Morgan Stanley conference last month he wants Twitter to become “the biggest financial institution in the world.”