Twitter partners with eToro. What does it mean?

Twitter will no longer be just a social platform. Thanks to cooperation with eToro broker, via Twitter from Thursday you can easily buy stocks, cryptocurrencies and other financial instruments.

Twitter's partnership with eToro: What does it mean?

Until now, via Twitter you could view real-time quotes from TradingView on the most popular indices, such as S & P 500 and shares of companies enjoying the greatest interest, such as Tesla. This can be done using Twitter's "cashtags" feature - just search for a ticker symbol and put a dollar sign ($) in front of it, and the app will display the price information from TradingView.

Thanks to the partnership with eToro, cashtags on Twitter have been expanded to include many more instruments and asset classes. A button has also been added "view on eToro", which takes you to the eToro website, which allows you to buy and sell assets.

“We've grown tremendously over the past three years, so we've seen more and more of our users interacting on Twitter and learning about the markets. We are very excited about the intersection of finance and social media Yoni Assia, CEO of eToro, told CNBC.

Twitter: First cut costs, now investments

When Elon Musk bought Twitter for $44 billion last year, he started with a massive job cut. With 8 thousand employees, only 1,5 thousand left people. First of all, the number of moderators has decreased, which has resulted in the departure of some advertisers, who do not hide their fear that content moderation standards will deteriorate.

However, Elon Musk recently said that "almost all" advertisers have returned to the app. What else do they say? stellantis i Volkswagenthat have paused ads and don't plan to resume them yet.

Business on Twitter a huge success

It is already known that this direction of development is a great success of Elon Musk. Twitter added pricing data for $Cashtags in December 2022. Since the beginning of 2023, Cashtags have been searched over 420 million times, with an average of around 4,7 million searches per day.

Now Twitter has to be "superapplication"that connects social media with the financial industry. Elon Musk wrote on (and yes!) Twitter that now follows:

"accelerating X development, application of everything".

READ: What are super apps and how can you invest in them? [Guide]

At last month's Morgan Stanley conference, Elon Musk further said that he wants Twitter to become "the world's largest financial institution." Everything indicates that the possibility of buying shares, cryptocurrency and other financial instruments is only the first step towards monetizing the application that has not yet generated huge revenues. There is no doubt that Elon Musk can make money.

"We're following this story probably as are the rest of Twitter users, so it'll be exciting to see Twitter focus more on finance and we hope our partnership extends even beyond this step." Yoni Assia, CEO of eToro, adds mysteriously to CNBC.

So you might get the impression that redirecting from Twitter to eToro for trading purposes is only the first step. It goes without saying that it would be much easier to do it with a single button on Twitter. Which of course is technically possible. So it is possible that soon we will see, for example, a tweet from Elon Musk, who will write in his short style: "Want to buy Tesla shares? Click below", and the payment card associated with the application will make us co-owners of a company producing electric cars in a second, or ... one of the cryptocurrencies that the eccentric billionaire encouraged more than once.