According to Semafor, Elon Musk’s X app is actively exploring the creation of a stock-trading hub within its platform.
The information was reported by the outlet, citing sources and referencing a request for plans that X sent to major financial-data firms.
According to Musk, to the best of his knowledge, there is no ongoing work on this project.
Elon Musk’s X app, formerly known as Twitter, is aiming to become a stock-trading hub for its users, as reported by Semafor.
According to sources familiar with the matter, the social media company has recently approached financial-data firms, seeking support for the project. They are interested in real-time information, recognizing its significance in the investing world. The request is for proposals related to financial features, including live market data.
Semafor reported that X’s request for help in becoming a stock-trading hub did not include plans for compensation. Instead, the company asked bidders to specify how much of their own money they would invest in the project. The number of proposals submitted is uncertain, but they were due last week, according to Semafor.
In response to the matter, Elon Musk stated on X that, to the best of his knowledge, no work is currently being done on the project.
It’s worth noting that turning X into a trading hub is not a far-fetched idea, as the platform has already enabled users to access financial data using “Cashtags” since 2022. By typing a dollar sign and a stock ticker symbol, users can look up relevant information.
Additionally, Twitter’s partnership with eToro was intended to offer users the ability to trade stocks and other assets through eToro’s platform. However, this feature has yet to be added, according to Semafor.
Elon Musk has expressed his plans to create a comprehensive app that encompasses various services. He even tweeted in October about how acquiring Twitter would expedite the creation of X, the all-encompassing app.
During Tesla’s annual shareholder meeting last year, Elon Musk shared his ambitious vision for X, envisioning it as a highly impactful and beneficial tool for the world.
In May, Musk mentioned Tencent’s WeChat as a potential source of inspiration. WeChat, a prominent Chinese social media giant, stands as one of the world’s largest super-apps. Musk admired its versatility, as it combines features found in Twitter, PayPal, and numerous other services, all integrated into a seamless and user-friendly interface. He acknowledged that such an all-in-one application is yet to be available outside of China.