X platform, formerly known as Twitter, is reportedly
searching for a financial data partner to create a trading hub within the social
media platform. X has reportedly sent requests for bids for the proposed
project. According to a report by
the media publication Semafor, the requests were sent in recent weeks.
Musk Eyes Financial
Services
Thus, the social media
giant is rumored to be looking for big companies to provide financial content,
real-time stock data, among other services. In the proposal, the Elon
Musk-owned company reportedly asked interested bidders to state how much money they
could invest in the project.
Additionally, the social media giant is luring potential bidders, saying that the platform offers access to ‘hundreds of
millions of qualified users’.
However, it remains
unclear which companies have submitted proposals to partner with the X platform. When asked for comments about the project, Musk responded that “no work is being done on this to the best of my knowledge.”
Musk acquired Twitter for USD $44 billion last year and turned the company into
a private entity.
‘Super App’
Plans
Last month, Musk rebranded
the platform, changing the
iconic blue bird logo to an ‘X’ symbol. The changes are part of the
billionaire’s vision to make the platform an ‘everything app’ offering a
variety of services. Musk reportedly envisions X to rival social media
platforms such as WeChat in China in offering consumer services like payments,
ride-hailing, or investments, under one app.
In April, eToro told
Finance Magnates that it had partnered with X platform to integrate real-time asset prices
into the social media platform’s Cashtag feature, which provides users
with live charts for stocks in collaboration with TradingView.
Commenting
about the partnership, Yoni Assia, the CEO and Co-Founder of eToro, said that
social media platforms were democratizing financial education. In particular,
Assia emphasized the importance of the X platform in retail investing.
This article was written by Jared Kirui at www.financemagnates.com.
