Twitter Jacks StockTwits’ Cashtag Feature, Founder Howard Lindzon $Unhappy He Got A Bad ‘Rap’:
Twitter has upset the founder of StockTwits. Twitter just launched the ‘Cashtags’ feature which is prominently used on the StockTwits website similar to the #’hashtag’. A cashtag is a combination of the dollar sign and a ticker symbol that is searchable. Now, when users put the $AAPL ‘cashtag’ in a Twitter update, news related to that ticker symbol will appear as well as suggested people and topics around the stock, bond, mutual fund, ETF or index.
StockTwits founder Howard Lindzon wasn’t too happy about it and took to his website stating Twitter hijacked his idea. Keep in mind, Lindzon was a shareholder in Twitter and created a downstream business that uses the short form 140 character status update style. StockTwits is a community so although it has the Twitter basics, it’s very different and focused on real investors and traders.
It’s interesting that Twitter has hijacked our creation of $TICKER ie. $AAPL. It only took four years to ‘fill‘ this hole, though a few months back they told me in a detailed email it was not a hole they wanted to fill.
You can hijack a plane but it does mean you know how to fly it.
Twitter is about advertising dollars. They have $1 billion of venture money on the line. Lot’s of pressures I am not interested in.
I wonder how well that will do for $FXCM (buying ads on twitter) converting hits from rappers into FOREX accounts.
I am disappointed of course that Twitter is hijacking our idea and time (will only confuse the masses), but Stocktwits moved beyond that basic functionality 4 years ago. In a dirty way, it’s the ultimate compliment so we will take it as such for the moment and keep rolling out functionality that makes us the best real-time communication platform for people that love stocks and markets.
Lindzon sarcastically referred to Twitter as a social media site for rappers who might not need FOREX – (tell that to Jay-Z, arguably the wealthiest musician currently on the top of the charts with an estimated net worth of $460 million). Lindzon does bring up a good point. The socially connected niche community is more important as people see large social media websites as – noisy, lacking a common theme. When looking for stock ideas, who would go to Twitter instead of the social media site focused on finance – StockTwits? Some people probably will but hardcore investors and traders will check in frequently with StockTwits. Can’t blame Twitter however for jumping onto the ‘cashtag’ because the idea is ‘dope’ – but Lindzon needn’t worry.