Miley Cyrus Is Doing A $1M Giveaway For Cash App Users To Own Their Favorite Stock

Miley Cyrus is giving away $1 million worth of stock in partnership with financial payments company Square Inc.’s SQ Cash App.

What Happened: “Nothing is more important than investing in yourself. I want to spread ownership to as many people as I can, so I’m teaming up with @CashApp to give out $1 MILLION in stocks,” the pop singer wrote in a post on her official Twitter account.

Cyrus asked fans who are interested in the giveaway to share their Cash App username and favorite company name in the comments on the singer’s social media posts on Twitter or Instagram. Responders counted Apple Inc. AAPL, Tesla Inc. TSLA, and AMC Entertainment Holdings Inc. AMC among the stocks they would be interested in receiving. 

Winners will be selected at random.

The giveaway was announced as Cyrus celebrates the 15th anniversary of the premiere of her television series “Hannah Montana.” Cyrus also tweeted a link that urged her fans to learn more about stocks.

See Also: How to Buy Stocks and Bitcoin on Cash App

Why It Matters: The partnership between Square and Cyrus highlights how the power of social media is being used by technology giants and online brokerages to attract investors to stocks. Square’s CEO Jack Dorsey is also the co-founder of Twitter Inc. (TWTR).

Interest in stocks has seen a boom amid the pandemic. The higher personal savings levels, stimulus checks from the government, and conversations on social media platforms like Reddit encouraged amateur investors to dabble in the stock markets and helped accelerate the retail trading boom. Shares of “meme” stocks such as GameStop Corp. GME skyrocketed in January amid the retail trading frenzy earlier this year.

Six years after the launch of Cash App, users can now use the service to trade stocks and Bitcoin (BTC) for free. In March, Square announced a new Cash App feature that allows users to instantly send bitcoin for free on their app. To promote the feature, the company also announced a new contest in which it is giving away $1 million in bitcoin.

Price Action: Square shares closed about 6.7% higher on Wednesday at $227.05.

Photo by NRK P3 on Flickr