Elon Musk seeks to create stock trading hub in App X: report

Elon Musk is reportedly laying the groundwork for an investment trading center that would run on the X platform – taking a step closer to realizing his vision to transform the site once known as Twitter into a one-stop “any application” window.

The billionaire tech mogul is asking a financial data firm to build the stock trading center inside X, according to a report by news site Semafor.

“Real-time information is a powerful force, especially in the world of investing,” X wrote in his speech to several financial data companies that would be tasked with developing a platform that offers real-time information. on inventory movements and other content.

X seeks to attract businesses by offering them a chance to be exposed to “hundreds of millions of highly qualified users,” according to the pitch obtained by Semafor.

But X does not offer any payments to companies, according to Semafor.

Instead, companies will have to raise their own funds if they hope to participate in the project, according to Semafor.

Musk denied the information on Thursday.

“To my knowledge, no work is in progress on this subject,” he wrote on X.

Musk, who bought what was then Twitter for $44 billion last fall, has spoken in the past of turning X into an app that would mimic WeChat in China.

WeChat, the platform owned by Chinese tech unicorn Tencent, has an estimated user base of nearly 1.4 billion people, almost the entire population of the country.

Through WeChat, Chinese nationals can send messages, voice and video calls, connect on social media, order food deliveries, make mobile payments, play games, read the news and even meet other people for appointments.

But critics note that while Musk bought Twitter to restore its inspired free speech mission, WeChat is often cited as an app that allows the Chinese government to track the behavior of its citizens.

After acquiring Twitter last year, Musk said the deal was “an accelerator for building X, the app everything.”

The “Grab” app in Singapore and the “Line” app in Japan are similar “everything” platforms that have been praised by Musk in the past.