Twitter has announced a new feature that will allow users to trade stocks, cryptocurrencies, and other assets through a partnership with online brokerage eToro. This move is part of CEO Elon Musk’s strategy of diversifying revenue away from advertising and transforming Twitter into a “super app” that offers services such as banking and messaging.
Introduction: Twitter Expands Into Financial Services
Twitter has become a hub for financial discussions and news, with “Financial Twitter” or “Fintwit” being one of the platform’s main drivers of use. Twitter users can view real-time trading data on companies and funds through the “cashtag” feature, which is searched for 4.7 million times daily. With this new feature, Twitter hopes to capitalize on this trend and offer its users a seamless way to trade stocks, cryptocurrencies, and other assets.
Twitter and eToro Partnership
The partnership between Twitter and eToro will allow users to execute trades directly through the Twitter app. This means that users can view and act on real-time market information without leaving the app. This feature is currently available only to users in Australia, but it is expected to roll out to other regions soon.
Twitter’s Expansion Plans
Twitter’s move into financial services is part of a broader strategy of diversifying revenue away from advertising. Twitter has been testing various revenue streams, such as its Super Follows subscription tool that lets users offer paid access to exclusive content. This new feature appears to be a revamp of the Super Follows tool, which will allow users to monetize their followers directly through Twitter.
Twitter’s Rebranding to X Corp.
Twitter has also announced that it has been renamed X Corp. and is now incorporated in Nevada. The move from Delaware to Nevada is likely a strategic decision to take advantage of Nevada’s business-friendly climate and tax policies.
Conclusion: Twitter’s New Expansion
Twitter’s move into financial services marks a significant shift for the social media giant. With its growing user base and increasing relevance in the financial world, Twitter is positioning itself as a serious player in the industry. As the platform continues to evolve, we can expect to see more innovative features and partnerships that will further cement its position as a “super app” offering a wide range of services.
FAQs
1. Can anyone use the new Twitter trading feature?
Currently, the feature is only available to users in Australia, but it is expected to roll out to other regions soon.
2. How does Twitter’s new trading feature work?
The new feature allows users to execute trades directly through the Twitter app, using eToro as the brokerage partner.
3. What is Financial Twitter or Fintwit?
Financial Twitter, or Fintwit, is a term used to describe the community of Twitter users who discuss and share news about financial markets and investments.
4. What is the Super Follows subscription tool?
Super Follows is a subscription tool that allows Twitter users to offer paid access to exclusive content to their followers.
5. Why did Twitter change its name to X Corp.?
Twitter’s move from Delaware to Nevada and its rebranding to X Corp. is likely a strategic decision to take advantage of Nevada’s business-friendly climate and tax policies.
COMMENTS
Twitter wants to become an app for everything, so people can do everything that’s important from within the app. It can get there in 5-10+ years and this partnership with eToro is a good starting point. I wonder why they chose Australia as the first country to test this in?
So Twitter is no more? I mean the name, since you’ve said it’s X Corp now? The move to Nevada was predictable: you go where you get the best deals for your business and Delaware was not the place for that.