Benzinga - Elon Musk’s super app, which was formerly known as Twitter and is now called X, is reportedly seeking a financial-data giant to build a trading hub within the app.
What Happened: Semafor reported citing documents and sources familiar with the matter that X has recently sent requests to financial-data providers, asking for proposals on financial content and real-time stock data.
Although it remains unclear if any firms have submitted proposals, as the deadline for submission was last week.
The report notes that X does not plan to provide compensation to these firms. Instead, the firms were asked to indicate the amount of money they would be willing to invest in the project.
Although Musk stated on X that “no work is being done on this to the best of my knowledge."
No work is being done on this to the best of my knowledge— Elon Musk (@elonmusk) August 3, 2023
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Why It Matters: This isn’t the first time the idea of a trading hub within the X platform has been mentioned. Earlier this year, social investing platform eToro announced its plans to offer trading services for cryptocurrencies and other assets directly to Twitter users through a partnership with the company.
If X does proceed with building an in-app trading hub, it could potentially allow users to trade cryptocurrencies along with other assets. Given Musk’s fondness for digital assets, especially meme coin Dogecoin (CRYPTO: DOGE), and even the possibility of Bitcoin (CRYPTO: BTC), could be a logical addition.
In July, Musk rebranded Twitter as X as part of his broader vision to create an all-encompassing app. The revamped platform aims to offer a wide range of services, including payments and gaming.
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