Home Blues ‘Eli Lilly Pharmaceuticals’ stocks fall after fake tweets from verified accounts about free insulin offer. Here is what happened

‘Eli Lilly Pharmaceuticals’ stocks fall after fake tweets from verified accounts about free insulin offer. Here is what happened

0

Eli Lilly Pharmaceutical Company clarified Thursday that it was not offering free insulin, after a fake Twitter account impersonating the brand that was verified through Twitter Blue, a new subscription service introduced by Elon Musk, said it was the case, a sign that the new feature is exacerbating confusion and misinformation for spread across the platform.

Notably, a verified Twitter account impersonating Eli Lilly tweeted on Thursday afternoon: “We are thrilled to announce that insulin is now free. The account, @EliLillyandCo, featured the Eli Lilly logo and a verified badge.

Screenshot of tweet from Eli Lilly and Company’s impostor account (now suspended).

As soon as the tweet went viral, Eli Lilly shares plummeted. According to a report by EntrepreneurEli Lilly was down just over 4% in a 24-hour period on Friday afternoon and 20 points in early trading.

On Friday, Eli Lilly and Company, the official, apologized in a tweet for the inconvenience caused by the “prank”.

“We apologize to those who received a misleading message from a fake Lilly account. Our official Twitter account is @/LillyPad,” Lilly and Company tweeted.

Another “verified” impostor account “LillyPadCo”, apologized for the previous impersonator and claimed it was the official account.

The second prankster added, “Humalog is now available for $400. We can do it whenever we want and you can’t do anything about it. Suck it.

Along with Eli Lilly, shares of prominent defense maker Lockheed Martin fell sharply after a fake account with a verified check mark accessible via Twitter Blue said the company would halt arms sales in certain countries.

Pranksters using Twitter Blue have also targeted games companies Nintendo and Valve, as well as high-profile athletes such as NBA star LeBron James (pretending to ask for a trade).

Notably, following the wave of impostor accounts, Twitter Blue was inaccessible on Friday.

Although these fake accounts have been suspended, the chaos continues. Recently, two leaders, Yoel Roth and Robin Wheeler, have reportedly resigned, adding to the ongoing mess. Yoel Roth was Twitter’s moderation and security manager.

In addition to the resignation of senior Twitter officials, Elon Musk has fired 50% of Twitter’s workforce last week. Musk also warned Twitter employees that the company could go bankrupt if the cash burn isn’t stopped.

About the new Twitter Blue

On November 5, Twitter began offering Twitter Blue for $8 per month. Initially, the feature is only available for iOS users in the United States, Canada, Australia, New Zealand, and the United Kingdom. Twitter Blue is available for $7.99 per month. It comes with a verification badge or blue tick on the profile, limited ads and much more.