Elon Musk – the South African billionaire behind successful companies like Tesla and SpaceX – has some huge plans for Twitter, which he’s recently renamed “X.” He wants to make the social media platform the ultimate financial giant by allegedly building a crypto and stock trading platform within its walls.
Elon Musk is Potentially Turning X into a Financial Powerhouse
The news comes after documents were leaked suggesting Musk received financial data from anonymous providers that were asking for quotes for financial content, real-time stock data, and other features. The request for the proposals read as follows:
Real-time information is a powerful force, especially in the world of investing. Twitter’s real-time, public platform has become the heartbeat of the financial community.
At the time of writing, Musk is saying he knows nothing about these proposals or the plans behind them, though it’s unclear if he truly has no clue as to what’s going on or if he’s trying to keep his goals under wraps for the time being. He stated in a separate discussion:
No work is being done on this to the best of my knowledge.
A representative of e-Toro – who remains unnamed at press time – gave the following statement:
X is an increasingly important part of the DIY investing community. We are hugely excited to see how X will develop and are in close contact with the team around future projects.
Louis Schoeman – managing director at Forex Suggest – also threw his two cents into the mix, saying:
Cryptocurrencies are now a staple part of the financial world, and so their inclusion as a payment option for the rebranded Twitter platform would make complete sense. Just this April, Musk teased that Dogecoin payments could be coming to Twitter when he suggested that Dogecoin could be a payment option for the platform’s premium service Twitter Blue. The fact that Tesla already accepts Dogecoin payments in its online store sets a precedence for its inclusion in other parts of Musk’s business empire, with X being the logical next step in that process.
The Love of Doge Continues
Prior to this, Musk has hinted that he wants to turn X into the ultimate super app with its own financial capabilities. He even (briefly) changed his X profile picture to the Dogecoin logo, a testament to his long-time love of the asset. He has played with the idea (on various occasions) of making Dogecoin the official payment tool of X and has even referred to it as the “people’s crypto” in the past.
This behavior is very different from what he’s exhibited towards bitcoin, which at one point was going to be permitted amongst car buyers looking to bring new Tesla vehicles home. However, he quickly rescinded this decision when he suddenly grew concerned regarding energy use in the mining sector.