US Media: Musk Plans to Launch Trading Service on Twitter X! Musk Responds in Person

Foreign media Semafor, after revealing that Binance is facing a lawsuit from the U.S. Department of Justice, now claims that Elon Musk, the current X CTO of Twitter, is seeking to collaborate with financial giants to provide real-time financial product data and develop a trading system within the app. Although this move aligns with X's goal of becoming a super app, Musk has denied the news.

Semafor Reports X Planning to Launch Financial Trading Services

According to foreign media Semafor, citing sources familiar with the matter, Elon Musk's company X is seeking financial data partners to assist in establishing trading services within its application.

Reportedly, the plan will require partners to provide real-time financial content, stock data, and other information. It has recently been sent to major financial service providers for proposals in this regard.

The report also suggests that Musk envisions turning X into a Western version of a super app, likened to China's WeChat, which may offer services including food delivery, ride-hailing, payments, investments, and even cryptocurrency trading.

It is worth noting that Twitter had previously partnered with online brokerage platform eToro to offer integrated services, allowing Twitter users to navigate to eToro for trading through $Cashtags.

Musk's Response

In response to the above report, Musk stated that he has not engaged in any related business activities.

Source of the Plan Uncertain

However, it is evident that the report lacks concrete evidence to verify the existence of the plan and does not mention the names of any participating financial institutions. Considering the high compliance costs and potential risks associated with linking cryptocurrency trading in the U.S., it may be more trouble than it's worth, thus the authenticity remains to be verified.

Musk's Super App Dream

In fact, rumors about Musk's desire to build a super app have long been no secret. We can see from last year's meeting with Twitter employees before acquiring Twitter, and the new features added to Twitter, signs of something unusual.

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As Musk's most substantial meeting in terms of concrete leadership and improving Twitter's operational direction, Musk hinted that he aspires to create an all-encompassing app similar to WeChat.

I was thinking, why aren’t more people using Twitter, and then I looked at China, where everyone uses WeChat, their daily life functions are built around that app. I think if we can achieve that goal, even through Twitter, it will be a huge success.

Additionally, Twitter launched a new feature called "$Cashtag" earlier this year, where users can search for a product by entering "$ desired product" on Twitter, and view real-time pricing and charts provided by investment market data company TradingView. The feature reportedly saw a 51% increase in clicks over the past two months.