Social media giant Twitter (NYSE: TWTR) has entered into a partnership with eToro, an online brokerage , which will provide its users with access to stocks, cryptocurrencies, and other financial assets such as and index funds.
The brand-new feature is going to be be rolled out on the Twitter app on Thursday, April 13, to over 350 million of its users, as per a statement provided to CNBC by the company on the same date.
In particular, the feature will provide users the ability to watch market charts, buy and sell stocks and other assets through eToro, and monitor market data on additional financial instruments.
Twitter’s “cashtags” feature already makes it possible to view real-time trading data from TradingView on index funds like the S&P 500, and shares of some companies like Tesla, through a simple search for a ticker symbol preceded by a dollar sign, and the app displays price information from TradingView via an API (application programming interface).
Twitter cashtags will be made available for a far wider variety of instruments and asset classes. For instance, if you want to purchase or sell assets on the eToro platform, you may do so by clicking the “view on eToro” option, which will transport you there.
eToro’s CEO, Yoni Assia, stated:
“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.”
He added:
“There is very high quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
For Twitter, which Elon Musk acquired for $44 billion last year and now runs as CEO, this partnership is asignificant commercial move.
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.
