Elon Musk Slaps Rumour that X Plans Stock Trading Platform
Twitter, now referred to as X, is reportedly seeking a partnership with a financial-data giant to build an integrated trading hub within its app.
Sources familiar with the matter have shared details of a request to Semafor, sent to major providers in the last few weeks, aiming to attract proposals for the inclusion of real-time stock data, financial content, and other features.
The request emphasizes the power of real-time information in the investing world and highlights the potential reach to “hundreds of millions of highly-qualified users.” However, the document also makes it clear that there will be no compensation from X for this project; instead, it asks interested bidders to state how much they will contribute themselves. It is still unclear which firms, if any, have submitted their proposals.
Owner Elon Musk envisions X as the first Western super-app, akin to WeChat in China, Gojek in Indonesia, and other similar platforms that combine consumer services like food delivery, ride-hailing, payments, and investing in one app. During a company town hall, Musk expressed the goal of expanding the app’s user base from 237 million to at least a billion.
Recently, X has rolled out limited features based on the “cashtag,” allowing users to view live stock charts. A proposed one-click option to buy and sell stocks on eToro has yet to be implemented but may become another source of revenue for the company.
While X has ambitious plans, there are significant challenges ahead. Previous attempts by other social media companies to integrate payments, savings, and e-commerce have largely failed, raising questions about the potential success of X’s initiative. Dogecoin payments on X soon?
This all sounds fine and dandy, but Musk just slapped down this report, saying, “No work is being done on this to the best of my knowledge.” Is that a clear denial that this won’t happen? Or just a carefully worded response to the supposed leak?