CNBC reports that Twitter has joined together with the trading app eToro to enhance the capabilities of its cashtags and potentially let users buy and sell stocks, cryptocurrencies, and other financial products.
Similar to hashtags, cashtags begin with a “$” rather than a “#,” with $TSLA serving as one example. To display charts for some of these instruments, Twitter recently teamed with the trading analysis tool TradingView. These are used on Twitter to discuss a specific stock, cryptocurrency token, or exchange-traded fund (ETF).
This is improved by the collaboration with eToro. Cashtags will be expanded to include “many more instruments and asset types,” an eToro representative told CNBC. And if a stock or token piques your attention, you may click the “view on eToro” button to be sent to the eToro website, where you can purchase or sell it.
The alliance is excellent news for Twitter, which has struggled to keep advertisers since Elon Musk took control of the business last year.
Recently, Twitter’s logo was temporarily replaced with the Doge cryptocurrency’s, possibly indicating the arrival of new crypto-related services.
Musk said in a recent interview that the firm now only has 1,500 workers, that most advertisers had returned to Twitter, and that it would become cashflow positive “within months.”
According to a statement from Yoni Assia, CEO of eToro, many people who felt left out by more conventional means have learned about finance thanks to social media.
Millions of everyday investors use Twitter every day to get financial news, share expertise, and interact, according to Assia. “Twitter has become a significant element of the retail investing community,” she added. “There is strength in shared information, and by making investing a team effort, we can produce greater outcomes and increase our success, collectively.”
The cooperation may result in a boom for eToro given the passion of individual investors on social media. According to statistics in the press release, Twitter presently sees an average of 4.7 million $Cashtag searches per day and has seen 420 million $Cashtag searches since the start of the year. The top five most popular $Cashtags on Twitter were $BTC (Bitcoin), $SPY (SPDR S&P 500 ETF), $TSLA (Tesla), and $SPY (SPDR S&P 500 ETF).