Shares of major companies fall due to fake verified accounts on Twitter

Twitter put in pause blue subscriptioneight dollars a month, which allowed to pay for the precious verification mark, after many users were abusing the service to impersonate brands and make jokes tasteless.

Because of these practices the shares of at least two major companies collapsed this Friday. Both firms had to communicate that the accounts from which the tweets in question came were apocryphal and did not represent his official views or policies.

I also read: Chaos on Twitter: they suspended the verification of new accounts due to the appearance of false profiles

Twitter last week launched the service that allowed anyone who pays the eight bucks get the check mark (the blue tick) that it was previously free and the social network granted it to governments, institutions, companies and celebrities, for example, to show that the account is official and that whoever is behind it is who they say they are.

Elon Musk terminated the account verification service because it was not working as expected. (Photo: AdobeStock)

With the company’s new policy, which offers to add the blue badge to the profile of anyone who pays for it, a large number of users began to create fake accounts on Twitter and left the social network much more exposed to misinformation and fake news.

Fortunately, Elon Musk’s company reacted and during the night of Friday the 11th suspended the service. Twitter decided to withdraw the blue verification on the platform in response to the wave of impersonators and fake accounts and argued that “it is not working as expected.”

The case of the fake pharmacist who promised free insulin

A Verified account which appeared to belong to the pharmaceutical company Eli Lilly sent a tweet that caused havoc, both in the population and in the stock market. The message read: “We are delighted to announce that insulin is now free.”

The tweet promising free insulin was deleted.  (Capture: Twitter)
The tweet promising free insulin was deleted. (Capture: Twitter)

On the one hand, the tweet aroused intrigue and caused surprise in many inhabitants dependent on a medicine that in the United States costs over 200 dollars. The fight for free medication is a very sensitive topic and the choice of the tweet and the company was not by chance. Eli Lilly generates $878 million a year in insulin sales and has been accused of inflating prices by taking advantage of its near-monopoly position.

read too: They assure that Twitter lost users since the arrival of Musk, but the company speaks of record growth

After posting the tweet, Eli Lilly shares fell sharply at a time when the market was in the midst of a general rally.

The collapse of the pharmaceutical company after the tweet that promised free insulin.  (Capture: Twitter)
The collapse of the pharmaceutical company after the tweet that promised free insulin. (Capture: Twitter)

The tweet remained on the platform for hours before being removed. The real Eli Lilly account later tweeted, “We apologize to those who have received a misleading message from a fake Lilly account.”

A false account “suspends” the sale of weapons to countries investigated for human rights abuses

The pharmaceutical company has not been the only firm to suffer the consequences of false verified accounts in Twitter. The Shares of defense powerhouse Lockheed Martin fell also in a similar episode: a verified profile with a similar name announced the suspension of arms trade with several countries.

The tweet from the fake Lockheed Martin account. Capture: Twitter)
The tweet from the fake Lockheed Martin account. Capture: Twitter)

After the tweet in which the company communicated that until the causes of human rights abuses are investigated, arms sales to Saudi Arabia, Israel and USAthe company’s shares down 5%.

This is how Lockheed martin shares fell after a false tweet from a verified account.  (Capture: Twitter)
This is how Lockheed martin shares fell after a false tweet from a verified account. (Capture: Twitter)

The straw that broke the camel’s back was a false account of Teslaanother Musk company, which began to tweet derogatory messages and even joked about the attacks on the Twin Towers of September 11, 2001. The tycoon’s detractors say that at that moment Musk said “enough” and ordered suspend paid verifications on the platform.

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