Through a partnership with social trading platform eToro, Twitter will provide access to stocks, cryptocurrencies, and other financial assets for its users.

On the Twitter app, a new feature will go live on Thursday. The business exclusively revealed to CNBC that users will be able to watch market charts on a wider variety of financial instruments and buy and sell stocks and other assets via eToro.

Currently, TradingView’s real-time trading data is available for index funds like the S&P 500 and select stocks, including Tesla. By searching for a ticker symbol and adding a dollar sign in front of it, you may accomplish this using Twitter’s “cashtags” function. The app will then display price data from TradingView using an API (application programming interface).

According to an eToro spokesman who talked to CNBC, Twitter cashtags will now cover a far wider range of products and asset classes.

Additionally, you will be able to buy and sell assets on eToro’s platform by clicking a button that reads “view on eToro,” which directs you to eToro’s website. TradingView is a partner in market data used by EToro.

“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,” Yoni Assia, eToro’s CEO, told CNBC in an interview.

“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.”

Since Elon Musk took over as CEO and acquired the social media network for $44 billion last year, the alliance represents a unique and significant economic arrangement for Twitter.

eToro is an online brokerage that users can use to buy and sell stocks, cryptocurrencies, and index funds. It was established in Israel in 2007.

One of its most well-liked functions enables users to emulate the trading tactics of other users. According to Assia, the company has more than 32 million registered users across Europe, Asia, and the US.

Twitter’s personnel was drastically reduced under Musk’s leadership, going from 8,000 to 1,500 when he came over, in an effort to slash costs and turn a profit.

His actions have alarmed advertisers, who are fleeing the platform in fear that its standards for content filtering would deteriorate.

Musk claimed that “almost all” sponsors had returned to the app on Wednesday. Stellantis and Volkswagen, who halted their advertising there, claimed they have no immediate plans to start it up again.

Assia claimed that he collaborated on the stock market data tool at Twitter with the same group of individuals that he had previously collaborated with on projects for the firm.

He said that Assia didn’t have any direct communication with Musk. But he made light of the fact that after meeting two of the richest men in the world, Warren Buffett and Bernard Arnault, a meeting with Musk was unavoidable.

“We are very excited about the intersection of finance and social media,” Assia told CNBC in an exclusive interview this week.

In order to obtain breaking news and updates on stocks and other assets, Assia claimed that “Fintwit,” or financial twitter, has emerged as a popular trend on the app. Twitter played a significant role in the 2021 boom in retail trading.

In December 2022, Twitter added pricing information for $Cashtags. More than 420 million searches for Cashtags have been made since the beginning of 2023, with an average of 4.7 million searches every day.

It is Musk’s goal to transform Twitter into a so-called “super app.” Users of these apps typically have access to a variety of services, including travel, banking, and instant messaging.

In East Asia, the idea has proven to be incredibly popular. Internet behemoth Tencent enables payments through its WeChat messaging service in China.

According to a court filing, Musk merged Twitter with a shell business with the name X Corp earlier this week, changing Twitter’s identity to reflect his desire to make the company into a super app.

Musk tweeted that owning the business was a “accelerant to creating X, the everything app” weeks before he finally completed his acquisition of Twitter, which came after numerous attempts to back out of the agreement.

“We’re following that story probably like the rest of Twitter users,” Assia told CNBC. “So it will be exciting to see how Twitter focuses more on finance, and we hope to see our partnership expand even beyond this step.”

Musk stated last month that he wants Twitter to become “the biggest financial institution in the world” during a conference hosted by Morgan Stanley.

(Adapted from CNBC.com)