Twitter Teams Up with eToro to Expand Real-time Financial Information
Twitter has partnered with multi-asset investment company eToro to provide its users with real-time prices for a wide range of stocks, crypto, and other assets. The partnership will focus on expanding Twitter cashtags to cover far more instruments and asset classes. eToro is an Israeli online brokerage that lets users buy and sell stocks, cryptocurrencies, and index funds
The $Cashtag feature is a stock market ticker symbol preceded by a dollar sign, and Twitter introduced pricing data for $Cashtags in December 2022. Since then, the feature has experienced widespread adoption, racking up more than 420 million searches for the term since the beginning of 2023.
Currently, Twitter users searching using a $Cashtag symbol will see live price charts for a select few financial assets. However, following the launch of the eToro partnership, the list of $Cashtags that produce live price charts will be hugely expanded, giving users real-time information about the financial performance of a wide variety of assets. Users will also be able to click through to the eToro platform to see more information on the asset and have the option to invest.
Yoni Assia, eToro’s CEO, told CNBC in an interview that they see a lot of their users interacting on Twitter and educating themselves about the market. “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”, Assia says.
The expansion of $Cashtags aligns with Musk's plans for Twitter to integrate financial services into the platform, as he has previously said he wishes for Twitter's proposed payments system to be able to accommodate crypto as well as fiat currencies, according to Financial Times.
The partnership will also allow users to buy and sell stocks and other assets directly from the eToro platform. Users in the United States will be able to click a button that says "view on eToro," which takes them through to eToro's site, where they can buy and sell assets. However, Canadian users will not have this ability, and if they type a $Cashtag into their Twitter feed, they will only see tweets from other users mentioning the stock, just like a regular hashtag.
