Twitter is teaming up with eToro, a social trading network, to expand financial information available on the site and make it easier for users to buy stocks and crypto. As CNBC reports, the existing $Cashtag format, which previously allowed finance-inclined users to click a financial hashtag of sorts to see more data on particular stocks, will be expanded to show more real-time data. That data will continue to be provided by TradingView, a market tracker and existing eToro partner.
The updated search also brings an eToro button under the live price charts, taking users away from Twitter to get more information and potentially invest. Anyone can look through the stats, but eToro will prompt visitors to create an account before being able to part with their money.
Twitter is openly trying to diversify its offerings, with "additional market insights and greater access to investment capabilities," Chris Riedy, VP of Global Sales & Marketing at Twitter, said in a statement. According to Twitter, the first quarter of 2023 saw 498 million tweets revolving around finance or business.
Since Elon Musk took over as CEO, 80 percent of the company's workforce have been let go in a bid to cut costs. An updated subscription model was launched soon after, promising Blue ticks, fewer ads and increased tweet visibility for $8 per month, while developers were forced to begin paying for a basic API or lose access to the company's firehose. This came after over 500 advertisers reportedly paused spending on Twitter.
While eToro isn’t directly integrated into the social media platform, the tie-in could potentially benefit Twitter financially in the form of referral bonuses.