As Twitter Enters Crypto, Musk Continues To Successfully Sit On Three CEO Chairs

Elon Musk has pushed Twitter into the crypto arena. CNBC reported that as of Thursday, Twitter’s users can buy and sell financial assets as part of the platform’s partnership with eToro, a social trading company that comes with 32 million registered users that span across Europe, Asia and the United States.

Musk’s actions have certainly spooked investors, both Twitter’s and Tesla Inc TSLA’s, we well as some of his supporters. Many brands have left the social platform in response to the content moderation standards he introduced but Musk stated on Wednesday that almost all advertised have returned. Volkswagen AG VWAGY and Stellantis N.V. STLA are not one of them, as they have not resumed their advertising on Twitter.  

Twitter’s Reinvention

After buying the platform for $44 billion last year, Musk is reinventing the platform, making it his mission to turn Twitter into a so-called “super app” that offers users financial services on top of social media. It has cut its workforce drastically from 8,000 to 1,500 employees in an effort to reach profitability by reducing costs. As a joke, he even briefly replaced Twitter’s signature bird logo with the doge meme last Monday, causing shares of Dogecoin to rise more than 20% on the day. It might not end up being as funny considering that in June last year, Musk was accused for engaging in racketeering by promoting Dogecoin, with his lawyers filing a motion to have the lawsuit dismissed.

The Concept Of eToro

By using this online brokerage platform that was founded in Israel in 2007, Twitter users will be able to view market charts on an expanded range of financial instruments, along with buying and selling financial assets such as stocks, cryptocurrencies and index funds. This rare and noteworthy partnership will undoubtedly enable both sides to reach new audiences.

Cashtags

Twitter already introduced the option of viewing real-time trade data on indexes such as the S&P 500 and shares such as Tesla through the “cashtags” feature through which users search for a ticker symbol and insert dollar sign in front of it, after which the app provides them with price information from TradingView using an application programming interface (API). 

Sitting On Three CEO Chairs

For now, it seems Musk is managing to sit on three boss chairs, although he mentioned in his latest interview with BBC that he is sleeping on Twitter’s couch. Tesla’s investors already showed that their concern over Musk’s Twitter saga, fearing that such a distraction is impairing his EV leadership. But, the eagerly anticipated Cybertruck was just spotted during testing, Tesla’s scaled up production is enabling the EV pioneer to expand discounts with price cuts to drive demand and the company just announced this week it is building a megapack battery factory in Shanghai. So for now, it seems his managing to sit on three CEO chairs as Tesla seems to be on track and Twitter’s users got to engage in crypto trading.