eToro, an investing platform, announced a collaboration with Elon Musk’s Twitter to provide users with access to real-time trading information and enable trading stocks, cryptocurrencies, and other assets. This feature, called Cashtags, was launched in 2022. It allows users to interact with information about an asset by inserting a dollar sign instead of a hashtag in front of a company’s ticker. This collaboration will give Twitter users access to a broader range of trading information, previously only available for certain assets, such as the S&P 500 stock index and specific companies like Tesla, led by Elon Musk himself.
Yoni Assia, CEO and co-founder of eToro, stated that financial content on social media had provided education to many who have felt excluded by more traditional channels. He added that Twitter had become a crucial part of the retail investing community, where millions of ordinary investors go daily to access financial news, share knowledge, and converse. Cashtags has had an average of 4.7 million searches a day and 420 million searches for Cashtags since the start of the year.
Before this feature, Twitter users could only view real-time trading information from TradingView, which creates charts of market prices. Twitter did not immediately respond to a request for comment from MarketWatch.
Elon Musk acquired Twitter in October 2022 for $44 billion. Since then, the company has seen changes in its operation, including mass layoffs and introduction of a subscription fee for blue checkmarks. Last week, Musk briefly changed the blue bird Twitter logo to that of a Shiba Inu dog, resulting in a 30% jump in cryptocurrency dogecoin. However, the price fell after the symbol was changed to a bird.