- Elon Musk’s super app, now named ‘X’ and formerly known as Twitter, is reportedly exploring opportunities to develop an in-app trading hub, potentially disrupting traditional trading platforms.
- Though Musk has publicly denied this development, given his affection for cryptocurrencies like Bitcoin and Dogecoin, their inclusion in such a trading hub would seem logical.
Elon Musk’s ‘X’ application, formerly recognized as Twitter, is causing quite a stir in the financial world. Reports suggest that X is in search of financial data providers with the ambitious goal of constructing an in-app trading hub, a move that could send shockwaves through the world of traditional trading platforms.
The ground-breaking idea, as outlined in a request for proposals seen by Semafor and individuals privy to the matter, revolved around amalgamating financial content, real-time stock data, and other features into the X platform. A core feature underscored in the request is the provision of real-time data – a crucial ingredient in the investing world.
A Potential Game-Changer in the Making?
What differentiates X’s approach is the omission of any promised compensation to participating firms. Instead, potential collaborators were asked to specify the capital they’d be willing to commit to this project. This deviation from the conventional approach signifies X’s intent to chart a new path, unhindered by traditional financial collaborations or revenue models.
The project’s ambitious scale is evident in its comparison to industry giants such as China’s WeChat, Indonesia’s Gojek, Singapore’s Grab, and Africa’s Gozem. X is clearly positioning itself to become the first Western ‘super-app’ and disrupt conventional trading platforms.
The app’s integration of a feature allowing users to access live stock charts using a “cashtag” has spurred considerable interest and speculation. This feature, showing a promising 51% growth in cashtag clicks over the past two months, could be a significant draw for users, and a potential revenue generator via partnerships with data startups like TradingView.
The fervor intensifies with Elon Musk’s well-documented support for Dogecoin. As the creation of his new trading app comes to light, speculation surrounding the meme coin’s potential role in the trading hub and its ensuing impact on Dogecoin’s price escalates.
However, one must not disregard the challenges that accompany such an endeavor. Other social media giants like Snapchat and Meta (formerly Facebook) have made attempts in similar domains, but with limited success. Twitter’s plans for a one-click stock purchase and sale option via eToro, a Robinhood competitor, have been postponed. These developments imply that despite the enticing possibilities, the path to integrating a financial services platform is filled with complexities.
In a plot twist, Elon Musk has publicly denied these reports, claiming that X is not looking to launch trading services. But with his predilection for digital currencies and the transformative aspirations of X, the potential for a trading hub within the app remains a captivating topic of discussion.
