X platform, formerly known as Twitter, is reportedly searching for a financial data partner to create a trading hub within the social media platform. X has reportedly sent requests for bids for the proposed project. According to a report by the media publication Semafor, the requests were sent in recent weeks.
Musk Eyes Financial Services
Thus, the social media giant is rumored to be looking for big companies to provide financial content, real-time stock data, among other services. In the proposal, the company owned by Elon Musk reportedly asked interested bidders to state how much money they could invest in the project.
Additionally, the social media giant is luring potential bidders, saying that the platform offers access to 'hundreds of millions of qualified users'.
However, it remains unclear which companies have submitted proposals to partner with the X platform. When asked for comments about the project, Musk responded that "no work is being done on this to the best of my knowledge." Musk had acquired Twitter for USD $44 billion last year and since turned the company into a private entity.
'Super App' Plans
Last month, Musk rebranded the platform, changing the iconic blue bird logo to an 'X' symbol. The changes are part of the billionaire's vision to make the platform an 'everything app' offering a variety of services. Musk reportedly envisions X to rival social media platforms, such as WeChat in China, in offering consumer services like payments, ride-hailing, or investments, under one app.
In April, eToro toldFinance Magnates that it had partnered with X platform to integrate real-time asset prices into the social media platform's Cashtag feature, which provides users with live charts for stocks in collaboration with TradingView.
Commenting about the partnership, Yoni Assia, the CEO and Co-Founder of eToro, said that social media platforms were democratizing financial education. In particular, Assia emphasized the importance of X platform in retail investing.
This article was written by Jared Kirui at www.financemagnates.com.
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