Eli Lilly Pharmaceuticals Loses $15 Billion After Fake Account's 'Insulin Is Free' Tweet

Soon after the paid verification feature for Twitter rolled out, several fake accounts impersonated different brands and celebrities and started posting fake Tweets. Take a look at what it cost to Eli Lilly Pharmaceuticals.

Eli Lilly Pharmaceuticals Loses $15 Billion After Fake Account's 'Insulin Is Free' Tweet
Reuters Image used for reprsentation

TWITTER Inc on Saturday suspended its USD 8 subscription after several fake accounts impersonating brands and celebrities bought the verification badge.

Meanwhile, American pharmaceutical giant Eli Litty lost billions on Friday after a fake account with a blue tick, impersonating the brand claimed, "insulin is free now." The tweet was posted on Thursday a day before the company's stock witnessed a sharp fall.

Meanwhile, the pharmaceutical giant apologised for the fake tweet and wrote, "We apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad

According to the Star, the company's stock dropped 4.37 per cent on Friday- erasing over USD15 billion in market cap following the fake tweet.

However, this is not the only case of a fake account impersonating a brand or a famous person. Recently, a fake Twitter account of the soft drink brand Pepsi tweeted, "Coke is better".

The post created confusions among netizens since it was made through a verified account. However, a closer examination of the handle reveals that the original name of the owner is PEPICO and not Pepsi.

This comes after the microblogging site's new owner Elon Musk, earlier this week, announced that Twitter users will need to pay USD 8 to buy the blue tick which previously appeared only on the accounts of celebrities, brands, government authorities, and other accounts of people who were a public figure.

As soon as the paid verification feature rolled out, many fake accounts of famous personalities like former US President Donal Trump surfaced on the application. Some verified accounts even impersonated the gaming character 'Super Mario' and Lakers player LeBron James.

According to the Verge noticed reports from users, the blue tick paid service is currently unavailable. They got an error message that read, "Thank you for your interest! Twitter Blue will be available in your country in the future. Please check back later."

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