Elon Musk’s ambitions to turn what we formerly know as Twitter, now X, into his dream project, a super, everything app, is charting a course in a new direction.
Elon Musk and his team seek a financial-data giant to create a trading hub within the app. The information was published by the news outlet Semafor based on leaked documents and interviews with individuals familiar with the matter.
Turning X into an Everything App
According to the documents, X recently contacted financial data providers, requesting proposals for various financial content, including real-time stock data. It remains uncertain if any firms submitted their proposals by the deadline last week, as stated by Semafor.
X’s request to the data firms emphasized offering potential partners access to “hundreds of millions of highly qualified users.” However, there was no mention of compensation in the request. Instead, the firms were asked to indicate the amount of money they were willing to invest in the project, as reported by Semafor.
Musk denies any knowledge about an upcoming feature.
Musk, however, made a statement on X, saying that as far as he knows, no active development is currently taking place for a trading hub on X. Although not a direct denial, this could imply that such a service might be under consideration but not ready to be implemented soon.
The idea of integrating a trading hub within the X platform has been discussed. Earlier this year, eToro, a social investing platform, revealed plans to offer trading services for cryptocurrencies and other assets directly to users of what was then called Twitter through a partnership.
Should the in-app trading hub plans proceed, given Musk’s fondness for digital assets, particularly meme coin dogecoin (DOGE), the platform could potentially support trading of cryptocurrencies, including bitcoin (BTC), which may be viewed as a secure asset from a regulatory standpoint. This comes after Coinbase CEO Brian Armstrong disclosed that the Securities and Exchange Commission had instructed him to halt trading of all cryptocurrencies except bitcoin, suggesting that this specific cryptocurrency might face fewer regulatory obstacles.
