New Delhi: Twitter has announced a partnership with the online trading platform eToro to offer real-time information about various investments to users of the social media platform. This marks the first time a widely-used social media platform has partnered with a financial service provider to facilitate the purchase of financial securities. Users will be able to click through to the eToro website from Twitter to make trades.
Millions of people worldwide already use online platforms to manage their personal investment portfolios, and this collaboration between Twitter and eToro will provide users with access to timely information about stocks, shares, cryptocurrencies, commodities, and exchange-traded funds.
The partnership with eToro builds on Twitter’s existing “$Cashtag” feature, which provides financial information about a limited number of stocks and crypto assets through TradingView data. Users can view real-time information about the financial performance of a particular stock or security by typing a $Cashtag into their Twitter feed.
Since introducing pricing data for $Cashtags at the end of last year, Twitter has experienced widespread adoption of the feature, with over 420 million searches for the term since the beginning of 2023. The company reports that search activity increases to coincide with earnings announcements from prominent and high-profile companies.
The most commonly used $Cashtag is $TSLA, followed by $SPY (SPDR S&P 500 ETF) and $BTC (Bitcoin). eToro has revealed that the partnership will cover more than just U.S. stocks in due course, with thousands of tickers working as $Cashtags and a route to the eToro platform to learn more.
Tesla CEO Elon Musk, a frequent Twitter user, has previously expressed his desire for the platform to become “the biggest financial institution in the world” as part of his plan to make Twitter the “app-of-all-things.” This partnership with eToro is a significant step towards achieving that goal.
Overall, the partnership between Twitter and eToro will provide users with more information and tools to manage their investments while also opening up new revenue streams for both companies. As more people turn to online platforms to manage their finances, partnerships like this are likely to become more common in the future.
