We would also encourage investors to check their sources, making sure anything they invest in is regulated, and that they understand the risks associated with unregulated schemes such as cryptocurrencies.” “We’d always advise investors to exercise caution where social media and investing become intertwined. Zoe Gillespie, investment manager at RBC Brewin Dolphin, said: “While eToro is not directly integrated into the social media platform, the tie-in could potentially benefit Twitter financially through referrals to the platform. Several investing platforms contacted by Forbes Advisor UK declined to comment on the announcement. There is power in shared knowledge, and by transforming investing into a group endeavor, we can yield better results and become more successful, together.” “As the social investing network, eToro was built on these very principles – community, knowledge-sharing and better access to financial markets. Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse.” Yoni Assia, chief executive and co-founder of eToro, said: “Financial content on social media has provided education to many who have felt excluded by more traditional channels. Twitter will continue to invest in growing the #FinTwitter community.” “We are pleased to partner with eToro to provide Twitter users with additional market insights and greater access to investment capabilities. We believe real change starts with conversation, and finance and investing is a growing part of that conversation. These are being added in a gradual process.” Investment ConversationĬhris Riedy, Twitter’s vice president of global sales and marketing, said: “Twitter is what’s happening and what people are talking about right now. stocks in due course: “The partnership will hopefully see thousands of tickers working as $Cashtags with a route to our platform to learn more. Twitter said that the most commonly used $Cashtag was $TSLA, with $SPY (SPDR S&P 500 ETF) and $BTC (Bitcoin) also ranking in the top five.Ĭommenting on the announcement, eToro revealed that the plan is to cover more than just U.S. This compared with a daily annual search figure of 4.7 million. 2 this year, searches for $Cashtags jumped to eight million. For example, when the technology giant, Apple, reported its fourth quarter earnings figures for 2022 on Feb. The company says search activity increases to coincide with earnings announcements from prominent and high-profile companies. Since then, the company says the feature has experienced widespread adoption, racking up more than 420 million searches for the term since the beginning of 2023. Twitter introduced pricing data for $Cashtags at the end of last year. Typing a $Cashtag into their Twitter feed, users can view real-time information about the financial performance of a particular stock or security. For example, the $Cashtag for Tesla, the electric vehicle where Musk is chief executive officer, is $TSLA. The latest move with eToro expands on the microblogging network’s “$Cashtag” feature, which provides financial information about a limited number of stocks and crypto assets through TradingView data.Ī $Cashtag is a stock market ticker symbol preceded by a dollar sign. Speaking recently at a conference, Musk said he wanted Twitter to become “the biggest financial institution in the world” – part of his strategy to make the platform the “app-of-all-things”. Millions of private individuals worldwide already use online platforms to run personal investment portfolios.īut this development, announced on April 13, 2023, is thought to mark the first tie-up between a widely used social media platform and a service that facilitates the purchase of financial securities. They will also be able to click through to the eToro site from Twitter to make trades. Twitter is partnering with online trading platform eToro to provide users of the microblogging site with real-time information about stocks and shares, cryptocurrencies, commodities, and other investments such as exchange-traded funds.
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