Through its cooperation with eToro, a social trading platform, Twitter will give its users access to stocks, cryptocurrencies, and other financial assets.
A brand new enhancement to the Twitter mobile app will be available on Thursday. According to an exclusive eToro interview with CNBC, users will soon be able to see market charts for a wider variety of financial instruments and make stock and asset trades using the platform.
TradingView currently provides real-time market data for some index funds like the S&P 500 and some company shares like Tesla. One way to do this is to use Twitter’s “cashtags” functionality to look for a ticker symbol and then prefix it with a dollar sign, at which point the app will display price data from TradingView via an API.
An eToro representative told CNBC that as a result of the cooperation, Twitter cashtags will be made available for a far wider variety of securities and asset classes.
EToro relies on TradingView
You’ll also have the option to “view on eToro,” which will take you to the eToro website from which you can make purchases and sales of assets. When it comes to market data, EToro relies on TradingView.
“As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter and educate themselves about the markets,” Yoni Assia, CEO of eToro, said in an interview with CNBC.
The financial analysis of firms and the current events of the globe is covered in real-time, and the content is of very high quality. We expect this collaboration to help us reach those untapped demographics and strengthen the bonds between the Twitter and eToro communities.
Since Elon Musk took over as CEO of Twitter after purchasing the company for $44 billion last year, this cooperation is significant and unusual business development for the company.
eToro is an online brokerage that has been around since 2007, having originated in Israel. Its users can trade equities, cryptocurrencies, and index funds.
One of its most appealing qualities is the option to copy the trades of successful customers. According to Assia, the business serves more than 32 million customers throughout the Americas, Europe, and Asia.
Since Musk took over as CEO, Twitter has drastically reduced its workforce, from 8,000 people down to 1,500 as part of an effort to decrease expenses and increase profitability.
As a result of his actions, numerous major brands have pulled their ads from the site out of fear that the platform’s content control standards might deteriorate.
Musk claimed on Wednesday that “almost all” sponsors were back on the app. Stellantis and Volkswagen both announced they would not be resuming their advertising there at this time.
According to Assia, he collaborated with the same Twitter team on the stock market data tool as on past agreements.