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X social media looking to build a trading hub inside app, Semafor reports

X social media looking to build a trading hub inside app, Semafor reports

On August 3rd, 2023, reports emerged that X, the social media platform formerly known as Twitter, is reportedly looking to incorporate a trading hub within its app. According to Semafor, the company has been reaching out to major financial data providers, seeking proposals for the integration of financial content, real-time stock data, and other related features.

Although it remains unclear which firms have submitted proposals in response to X’s request plans, the company seems to be serious about expanding its capabilities in the financial sector. Interested bidders have been asked to indicate the financial commitment they are willing to make for the project.

The news came as a surprise to some, including X’s owner, Elon Musk, who took to the platform to express that he was not aware of any ongoing work in this area. It is worth noting that Musk had previously stated his intention to acquire Twitter as part of his vision for creating X, which he described as an “everything app” similar to China’s super-app WeChat. This move to integrate financial features may be seen as a significant step towards realizing his ambitious vision.

Last month, Elon Musk initiated a rebranding of the social media site, changing Twitter’s iconic blue bird logo to the letter “X.” This move signaled a clear shift in the company’s focus and direction. The transition from a traditional social media platform to an “everything app” with potential financial capabilities could potentially position X as a major player in the digital ecosystem.

As X explores the possibility of becoming a financial data giant, market observers and users alike are eagerly anticipating further updates and developments. If the integration of the trading hub proceeds, it could potentially revolutionize the way people engage with social media and financial markets simultaneously.

Given Elon Musk’s track record of ambitious projects and his propensity for innovation, the financial world is closely watching how X’s transformation unfolds. While there is much speculation surrounding the potential impact of this move, only time will reveal the extent of X’s foray into the financial domain and how it might shape the future of social media and financial services.


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