Corporations have lost billions of dollars because of the ideas of Elon Musk on Twitter
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Elon Musk’s $7.99 a month Twitter authentication idea has cost some US companies billions of dollars in lost market capitalization. Fake corporate accounts appeared on the social network, in which fakes began to spread, which led to a drop in the value of shares, the TV channel reported. CNBC. So, last Thursday, November 10, the fake account of the American pharmaceutical company Eli Lilly reported that “insulin is now free.” After that, stock quotes of all pharmaceutical companies producing insulin sank by 4-5%. In addition to Eli Lilly itself, Novo Nordisk and Sanofi suffered.
On November 11, an unknown user who created a fake account for the defense corporation Lockheed Martin wrote that the company was halting arms sales to the United States, Saudi Arabia and Israel due to human rights violations in these countries. Quotes of the company’s shares immediately sank 5.5%, reducing the defense giant’s market capitalization by more than $7 billion. Papers of other defense companies, such as Raytheon and General Dynamics, also fell in price.
As a result of the scandal that began on the same day, November 11, Elon Musk decided to suspend the practice of verifying accounts for money. And the official accounts of the companies had to apologize.
Twitter introduced updated version of the Twitter Blue subscription on November 5th. It allows any user to receive a special blue tick next to the account name, which confirms that the account belongs to an official. However, already on November 7, the introduction of the new system was suspended during the US midterm elections. After that, the renewed subscription worked for only a couple of days.
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