- Average of 4.7 million $Cashtag searches a day
- 420 million searches for $Cashtags since the start of the year
- 498 million tweets about business and finance globally in Q1 2023
13 April 2023 – eToro, the social trading and investing network, has partnered with Twitter to enable Twitter users to instantly see real-time prices for a far wider range of stocks, crypto and other assets when using the new $Cashtags feature.
Twitter users searching using a $Cashtag symbol currently see live price charts for a select few financial assets. Following the launch of the eToro partnership, the list of $Cashtags that produce live price charts will be hugely expanded, while users will now also be able to click through to the eToro platform to see more information on the asset and have the option to invest. The partnership will cover $Cashtags representing a wide range of instruments on the eToro platform, from stocks and ETFs to crypto and commodities.
Yoni Assia, CEO and Co-Founder of eToro, said: “Financial content on social media has provided education to many who have felt excluded by more traditional channels. Twitter has become a crucial part of the retail investing community – it’s where millions of ordinary investors go every day to access financial news, share knowledge and converse. As the social investing network, eToro was built on these very principles – community, knowledge-sharing and better access to financial markets. There is power in shared knowledge and by transforming investing into a group endeavour, we can yield better results and become more successful, together.”
Twitter added pricing data for $Cashtags in December 2022 and the feature has seen widespread adoption with more than 420 million searches for $Cashtags since the start of the year. There are on average 4.7 million $Cashtag searches a day with activity increasing around prominent earnings announcements, e.g. on 2 February 2023, when Apple released its Q4 22 earnings, $cashtag searches hit 8 million. The most commonly used $Cashtag was $TSLA (Tesla), with $SPY (SPDR S&P 500 ETF) and $BTC (Bitcoin) also ranking in the top 5(1).
Chris Riedy, Vice President, Global Sales & Marketing at Twitter, said: “Twitter is what’s happening and what people are talking about right now. We believe real change starts with conversation and finance and investing is a growing part of that conversation. We are pleased to partner with eToro to provide Twitter users with additional market insights and greater access to investment capabilities. Twitter will continue to invest in growing the #FinTwitter community.”
The increased use of $Cashtags is part of a growing trend of financial discourse on Twitter. In the first 90 days of 2023 there were 498 million tweets about business and finance globally. 65% of the Tweets were from users in the 18-34 age group.(2).
– ENDS –
Notes to editors
- Source: Twitter internal data, total searches containing query (cashtag), 1 January 2023 to 31 March 2023, global data.
- Source: source: Twitter internal data, Jan 01 2023 – March 31 2023, Global data. Count may overlap where tweets refer to multiple topics.
Media contacts
pr@etoro.com
About eToro
eToro is a social investing network that empowers people to grow their knowledge and wealth as part of a global community of investors. eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. Today, eToro is a global community of more than 30 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.
About Twitter
Twitter is what’s happening and what people are talking about right now. To learn more, visit about.twitter.com and follow @Twitter.
US DISCLAIMER
Securities trading is offered by eToro USA Securities Inc., member of FINRA and SIPC, a self-directed broker-dealer that does not provide recommendations or investment advice. Options involve risk and are not suitable for all investors. Please review Characteristics and Risks of Standardized Options prior to engaging in options trading. Content, research, tools, and stock symbols on eToro’s website are for educational purposes only and do not imply a recommendation or solicitation to engage in any specific investment strategy. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results. Cryptotrading is offered by eToro USA LLC. This entity is not a registered broker-dealer or FINRA member and your cryptocurrency holdings are not FDIC or SIPC insured. Visit our Disclosure Library for additional important disclosures including our Customer Relationship Summary. FINRA Brokercheck © 2023