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Eli Lilly Pharmaceuticals Suffers $15 Billion Loss as a Result of a False Account Tweeting “Insulin Is Free”

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Pharmaceuticals

Immediately after Twitter’s premium verification service went live, multiple phoney accounts began posting bogus Tweets while posing as various brands and personalities. Look at what Eli Lilly Pharmaceuticals paid for it.

After multiple phoney accounts purchased the verification badge using the names of famous people and brands, TWITTER Inc. discontinued its USD 8 subscription on Saturday.

$15 Billion Loss To Eli Lilly Pharmaceuticals

Eli Lillty, a large American pharmaceutical company, lost billions of dollars on Friday after a phoney account using the brand’s logo and a blue tick declared that “insulin is free now.” The tweet was published on Thursday, the day before the shares of the company experienced a severe decline.

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https://twitter.com/LillyPad/status/1590813806275469333?t=m4QonX5BmyCJ7l31BSHjjg&s=19

The pharmaceutical behemoth later expressed regret for the false tweet, writing, “We regret that anyone who received a misleading message from a false Lilly account has received our apology. @LillyPad is our official Twitter handle.

The Star reports that the false tweet caused the company’s stock to decline by 4.37 percent on Friday, wiping out nearly USD15 billion in market value.

But this is not the only instance of a false account mimicking a company or a well-known individual. The recent tweet “Coke is superior” was posted by a bogus Pepsi Twitter account.

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Because the message was made by a verified account, confusion was caused among internet users. However, a closer look at the handle indicates that PEPSICO, not Pepsi, was the official designation of the owner.

Elon Musk’s Takeover on Twittter

This comes after Elon Musk, the microblogging site’s new owner, said previously this week that People on Twitter will have to spend USD 8 to purchase the blue tick, which previously only showed on the profiles of celebs, businesses, public figures, and federal agencies.

As soon as the premium verification option became available, numerous bogus profiles of well-known individuals, including former US President Donald Trump, appeared on the platform. Even the video game character “Super Mario” and the Lakers player LeBron James were impersonated by certain verified accounts.

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Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

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