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In today’s edition of “What is Elon upto?”… our first question is, which company runs Twitter?
Twitter Inc. would have been the right answer a few days ago but it is X Corp now. So much could change within a few days, right? That’s not all!
🎯 Elon’s BIG plan: Making Twitter a ‘Super-App’
🚀 The inspiration? Tencent’s WeChat!
WeChat is like a Swiss Army knife of apps - it's got EVERYTHING! It includes messaging and video chat, video games, photo sharing, ride services, food delivery, banking and shopping.
Also, Elon has been a big Dogecoin supporter. And might we also add, Elon wants Twitter “to become the biggest financial institution in the world.”
Where does that lead us to?
Integrating access to and trading of financial assets on Twitter, which includes crypto.
Twitter and eToro have partnered to bring cryptocurrency and stock trading to the platform for UK users.
This move is part of Twitter's effort to diversify its revenue streams beyond advertising, including testing a subscription-based service called Twitter Blue.
Crypto twitter is all happy, happy, happyyy! 👏
Ric Edelman, who is a financial advisor and a bestselling author, is also happy with the Twitter - eToro marriage. According to Edelman, this will lead to an unstoppable snowball effect, resulting in increased engagement from investors and consumers.
BUT…
A decision like this doesn’t always sit well with everyone!
Turning Twitter/X into a platform for securities trading has raised potential red flags for some financial advisors.
The potential lack of financial education materials offered by the platform, and people making uninformed investing decisions.
People making decisions based on tweets or other social media.
If the app integrates with Tesla's self-driving technology, there could be some safety concerns that arise.
What’s more for X?
Elon Musk wants X to be a mobile payment platform that allows users to earn interest on their cash like at a bank.
Musk also plans to expand X to offer ride-hailing and food delivery services.
eToro's plan is to allow X users to access real-time prices of assets such as cryptocurrencies and stocks for trading.
Trading data will be available through Twitter's Cashtags feature, which allows users to interact with content around an asset by inserting a dollar sign in front of the ticker.
Also, apparently, the answer to “Who’s Twitter’s CEO?” is not Elon Musk anymore. It’s Elon’s DOG! or, shall we say Doge.
The trading volume of Dogecoin has gone up, thanks to the meme community who sees Twitter's feature for digital asset trading as a positive thing.
In another news…Elon revealed some interesting things on his BBC interview, including that the U.S. Govt ‘had full access’ to private Twitter DMs. Um, what? 😀
