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Wall Street bank Goldman Sachs and Apple were mulling to launch a stock trading feature on iPhones, according to reports. The feature was envisioned to provide users with a direct option for investing from the Apple devices. However, it remains to be seen how long the project would take before coming to fruition.
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The Bull Run Effect
According to a CNBC report, the two companies began working on the idea back in 2020 when the stock markets were in full swing in the middle of a Covid-induced bull run. However, it is still unclear as to why the project did not go as planned. The report said progress was made in the project up until 2022, when the feature was tentatively set to release. Later, it was the slump in financial markets over rising inflation and high interest rates that led to a pause in the iPhone trading feature project.
In an interesting revelation, the report quoted a source as saying that the feature is set for release. “The infrastructure for an investing feature is mostly built and ready to go should Apple eventually decide to move forward with it.” The original plan involved offering an option to buy Apple shares for people willing to invest savings. Apple and Goldman Sachs have been offering credit card services since August 2019.
Elon Musk’s Vision For X As Financial Epicenter
While announcing the initiative of rebranding of Twitter to “X” at the end of July 2023, Elon Musk said he wishes to turn the platform into “The Everything App”. This meant creating an ecosystem on X that works as an epicenter for everything related to finance and stock markets.
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