Elon Musk’s plan for Twitter🐦
Running Point Capital and its chief investment officer, Michael Ashley Schulman, CFA, were quoted by Forbes in an article — by Paul Katzeff, “Twitter Partners With eToro To Offer Stock, Crypto Trading” — regarding Twitter’s partnership with crypto exchange eToro to let people trade stocks, cryptocurrencies, and other assets on the social network/platform.
Quoted article excerpt is below:
“Creating an American super app styled after WeChat that combines social, shopping, Web3, and financial services is a worthwhile goal and a bit of a holy grail,” says Schulman. “I see the partnership with eToro to access stocks, crypto, and other assets as an early step, one of many, especially since Twitter is already popular among investors.”
Schulman believes the Twitter tie-up could become a long-term threat to Robinhood and other app-based brokerage services.
“I’d expect Twitter to soon add payment functionality in competition with Apple Pay, PayPal/Venmo, or Block/CashApp,” he says.
Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-23-39