Need yet another place to buy and sell stocks and cryptocurrencies? Twitter is providing, y’all.
According to CNBC(Opens in a new tab), Twitter has partnered with trading platform eToro to expand the functionality of its cashtags and even allow users to buy and sell stocks, crypto, and other financial instruments.
Cashtags are like hashtags, only preceded with a “$” instead of a “#”, with $TSLA being one example. They’re used on Twitter to talk about a particular stock, crypto token, or exchange-traded fund (ETF), and Twitter recently partnered with trading analysis platform TradingView to display charts for some of these instruments.
The partnership with eToro takes this a step further. An eToro spokesperson told CNBC cashtags will be expanded to cover “far more instruments and asset classes.” And if you’re really interested in a stock or a token, you’ll be able to click on a “view on eToro” button that will take you to eToro’s website(Opens in a new tab), where you’ll be able to buy or sell it.
The partnership is good news for Twitter, which has had some issue retaining advertisers(Opens in a new tab) following Musk’s takeover of the company last year.
Twitter recently changed its logo to that of cryptocurrency Doge for a few days, perhaps signalling that new crypto-related features are coming.
In a recent interview, Musk said that the company is now down to just 1,500 employees, that advertisers have mostly returned to Twitter, and that it’s on the path of being cashflow positive “within months.” He also said (jokingly, we hope) that his dog is the CEO of Twitter now.
