Twitter has being pushed into the crypto space by Elon Musk. As part of the platform's relationship with eToro, a social trading startup with 32 million registered users throughout Europe, Asia, and the United States, Twitter users will now be able to purchase and sell financial assets, according to CNBC.
Investors, including those of Twitter and Tesla Inc (NASDAQ: TSLA), as well as some of Musk's admirers, have undoubtedly been alarmed by his activities. In reaction to the content filtering requirements he implemented, several firms have abandoned the social site, but Musk said on Wednesday that virtually all promoted had returned. Stellantis N.V. (NYSE: STLA) and Volkswagen AG (OTC: VWAGY) are not among them since their Twitter advertising has not yet restarted.
The Evolution of Twitter :
Musk is reimagining the platform after purchasing it for $44 billion last year. His goal is to make Twitter into a so-called "super app" that provides users with financial services on top of social media. It has substantially reduced its employment from 8,000 to 1,500 workers in an effort to become profitable by cutting expenses. Last Monday, he even jokingly momentarily replaced Twitter's iconic bird logo with the doge meme, leading the price of Dogecoin to increase by more than 20% that day. Given that Musk was accused of engaging in racketeering by promoting Dogecoin in June of last year, and that his attorneys filed a petition to have the action dismissed, it might not turn out to be quite as hilarious.
The eToro Concept :
Users of Twitter will be able to browse market charts for a wider variety of financial instruments as well as purchase and sell financial assets including stocks, cryptocurrencies, and index funds by utilising this online brokerage platform, which was established in Israel in 2007. Both parties will surely be able to reach new audiences thanks to this exceptional and notable relationship.
Taking Position in Three CEO Chairs :
Although he said in his most recent interview with the BBC that he is sleeping on Twitter's sofa, it appears for the time being that Musk is managing to sit on three executive seats. Investors in Tesla have already expressed their concern at Musk's Twitter controversy, believing that such a diversion is undermining his ability to lead the EV industry. Yet, the much-anticipated Cybertruck has just been observed in testing, Tesla's increased production is allowing the EV pioneer to increase discounts with price reductions to spur demand, and the firm also revealed this week that it is constructing a megapack battery facility in Shanghai. Although Tesla appears to be on track and Twitter users are now able to engage in cryptocurrency trading, it appears that he is now managing to occupy three CEO chairs.