Elon Musk plans to develop a cryptocurrency trading platform in X

According to Semafor, X CEO Elon Musk is looking to create a stock exchange hub on the platform. The publication cites materials sent by X to large financial data companies.

The publication reports that over the past few weeks, the social network has been trying to establish ties with large financial corporations and enlist their support. «Real-time information is a powerful force, especially in the world of investment,» the letter from X allegedly reads. It calls for proposals for the social network related to «financial functions,» such as real-time market data.

Semafor also notes that X’s request did not include any plans to compensate prospective investments, and Musk’s company asked bidders to indicate how much money they would invest in the project. The journalists emphasize that although it is not yet clear how many proposals from financial corporations have been submitted, all of them were supposed to be received by X last week.

However, Musk himself denied all of the above information on his page and wrote: «As far as I know, no work is being done on this [створенням біржового хабу].»

However, Musk has already made attempts to turn X into a trading platform. As a reminder, since 2022, users of the then Twitter have been able to search for financial data using Cashtags by entering the dollar sign and the stock ticker symbol into the search engine. In April, Twitter also partnered with eToro to allow users to trade stocks and other assets.

Musk has repeatedly said that he plans to «create an app for a variety of services» and even wrote about it: «Acquiring Twitter is an accelerator for building X, the app for everything.» At Tesla’s annual shareholder meeting, the billionaire noted that he has a «pretty grand vision of X as something that will be very useful to the world.»

In May of this year, the businessman said that he was «looking for inspiration» from Tencent’s WeChat, the Chinese developer of one of the most popular mobile applications. «If you’re in China, it’s like you’re living on WeChat,» Musk said earlier. — «It does everything-sort of like Twitter plus PayPal, plus a whole bunch of things, all in one app with a great interface. It’s a really great app, and we don’t have anything like it outside of China.»