After stabilizing the X social media platform following the turbulent acquisition back in October 2022, Elon Musk is now reportedly looking to corner the retail financial trading sphere, replete with meme stocks and meme coins such as Dogecoin.
As per the reporting by Semafor, X is seeking a “financial-data giant” to build a trading hub within the social media app. The messages from X tout the platform’s “hundreds of millions of highly-qualified users” while remaining mum on the compensation aspect.
Back in April, X entered into a partnership with the brokerage firm eToro. Under the terms of the deal, X users can now view “real-time prices for a far wider range of stocks, crypto and other assets when using the new $Cashtags feature.” Moreover, $Cashtag searches within the X app now yield an expanded repository of pertinent live charts. Bear in mind that X already offered live charts for a limited number of instruments in partnership with TradingView. However, the partnership with eToro significantly enhanced this functionality’s coverage of instruments.
Of course, it remains to be seen what impact, if any, the new trading hub within the X app imposes on the so-called Twitter Coin project. X has been working on this secretive project for a while now, as evidenced by the project’s web interface leaking online back in January 2023.
A few weeks back, it emerged that Twitter Payments LLC has now obtained Money Transmitter licenses in several US states. These licenses allow their holders the ability to process payment instruments such as checks. The move appeared to be an attempt to facilitate X’s ad-revenue-sharing program for creators. It also marked another step toward fulfilling Elon Musk’s long-held desire to transform X into an “everything app.”
Think logically, if Elon is working on implementing X tipping, only a few options are possible
1)USD = possible but won’t be S3XY for @elonmusk to see people tip few cents here and there
2)a new X token, not likely cuz Elon has mentioned it’ll be a headache and I don’t think… https://t.co/lFtClRft5Z pic.twitter.com/uQViCVDWF6
— WHITEMAN
(@WHITEMAN_YOLO) August 2, 2023
Moreover, with the advent of the tipping option on the X app, some believe that Dogecoin might eventually end up as the preferred tipping instrument. Twitter Coin might not be feasible for this service, given the involvement of the SEC in regulating financial securities. After Musk’s problematic entanglements with the apex financial regulator in the US, it would make sense if the world’s richest person now tried his hardest to eschew any dealings with the SEC. Of course, the plain old US Dollar is currently the only feasible option but does not entail the oomph factor that Musk often craves. This surprisingly leaves Dogecoin in the running.
Elon Musk’s relentless promotion of Dogecoin was a pivotal factor behind the meme coin’s extraordinary rally in early 2021. After all, the CEO of Tesla employed a variety of tactics to promote Dogecoin, ranging from changing his X profile picture to one that showcased a DOGE-related meme to tweeting/Xeeting DOGE-supporting policies such as Tesla’s acceptance of the meme coin as a valid payment method for merchandise on its official website. Elon Musk even exhorted McDonald’s to start accepting Dogecoin, offering the inducement to consume a Happy Meal on live TV. More recently, Musk demanded a payment of 3 DOGE from a graphic designer who wanted to visit the X HQ. Dogecoin had formed a new all-time high in the runup to Musk’s Saturday Night Live appearance, only to tank thereafter when Musk termed the cryptocurrency a “hustle.”
Do you think Elon Musk is about to return to his DOGE-pumping ways in the near future with the advent of a dedicated financial hub within the X app? Let us know your thoughts in the comments section below.
Update: Denial
MUSK,ON REPORTS THAT MESSAGING PLATFORM X IS PLANNING TO LAUNCH STOCK TRADING PLATFORM, SAYS NO WORK IS BEING DONE ON THIS TO THE BEST OF MY KNOWLEDGE
— *Walter Bloomberg (@DeItaone) August 3, 2023
Well, that scoop certainly did not last long. Elon Musk has denied any knowledge of work being done to integrate a financial trading hub within the X app. Of course, given the qualifiers that Musk used in his denial, it might just be an attempt at deflection as preliminary negotiations continue. Do note that Semafor claims to have seen actual messages from X to certain financial data providers.
Refference- https://wccftech.com
0 Comments