StockTwits, a social platform where you can learn how to invest from peers, has caught on among millennials even as traditional financial institutions continue to repel that demographic.
The platform attracts 1.1 million users, of whom many are investing novices, which has the financial community scratching its head. Business Insider reported the platform is “growing like crazy” as a location for youngsters to chat about stocks, swap ideas and educate each other. The idea was born within Twitter but has migrated to its own platform, where it now boasts 150,000 messages per day on a variety of subjects, including investing ideas, annotated charts and more.
StockTwits CEO Ian Rosen told Ypulse: “StockTwits is the largest social platform for investors and traders, really the only of our kind at this scale. We have 1.1 million registered users who have grown about 50 percent a year. We’re getting younger every year. So right now about 62 percent of our user base are 18-34-year-olds. And that number has gone up, but we are targeting what we call social natives. People that grew up and have always looked for information and advice through peers or crowds, as opposed to more traditional media. And obviously there’s a large wave of young people that are receiving a giant transfer of wealth.”
Photo courtesy StockTwits
