Twitter and popular trading and investing platform eToro recently teamed up to provide users with real-time trading data for a variety of assets, including stocks and cryptocurrencies.
A Reuters report informs us that this collaboration is made possible by Twitter's Cashtags feature, which allows users to interact with content related to an asset by typing a dollar sign before its ticker.
Before this collaboration, TradingView was the only platform that provided real-time trading data, but only for specific assets such as the S&P 500 index and stocks from companies such as Tesla and Apple.
Users can now view information about an asset and even invest in it via eToro's platform, which is now available on Twitter.
This collaboration follows Twitter's acquisition by Elon Musk's company for $44 billion in October 2022. Musk has made numerous changes to the microblogging site since then, including a subscription-based plan for verified users and ending free Twitter API access.
Financial Content on Social Media
Yoni Assia, CEO and Co-Founder of eToro emphasized the importance of financial content on social media, noting in a statement that it has provided education to those who have been excluded from traditional channels.
Assia also stated that Twitter had become an essential part of the retail investing community, with millions of investors using the platform daily to access financial news, share knowledge, and converse.
Assia believes that shared knowledge and collaborative investing can produce better results and make everyone more successful.
The #FinTwitter Community
Twitter's Vice President of Global Sales & Marketing, Chris Riedy, expressed excitement about the collaboration, noting that finance and investing are increasingly becoming part of the Twitter conversation.
Riedy also believes that this collaboration will provide users with more market insights and greater access to investment capabilities, thereby growing the #FinTwitter community.
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The collaboration between eToro and Twitter is expected to prompt more innovation in the financial technology sector.
$Cashtags: In The Know
Twitter introduced pricing data for $Cashtags in December 2022, and it quickly became popular among users. In fact, eToro reports that there have been over 420 million searches for $Cashtags since the beginning of 2023, with an average of 4.7 million searches per day. The feature has gained traction with major earnings announcements from companies such as Apple, Tesla, and Bitcoin.
$Cashtags are similar to hashtags, but they are only used for stock symbols. $AAPL, for example, would represent Apple's stock. With the addition of pricing data, users can track stock prices and market activity in real-time.
This feature has also benefited companies by allowing them to monitor discussions and sentiments surrounding their stocks quickly. The increased activity regarding earnings announcements suggests that investors and traders turn to Twitter for information and insight.
A User-Friendly Tool for Retail Investors
Social media has become an important tool for retail investors, and this collaboration provides a more seamless and user-friendly experience for those looking to invest in various assets.
The partnership between eToro and Twitter will provide users with new opportunities, including access to real-time trading data, investment options, and a larger community of investors.
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