Elon Musk’s new pay-$8-for-Twitter-verification system has gone awry in a matter of days. Now, instead of just costing Twitter money, other companies are taking losses too.
Eli Lilly and Company shares tumbled more than 5% on Friday after a parody Twitter account purporting to be the pharmaceutical firm (which had purchased one of Musk’s $8 checkmarks) tweeted on Thursday afternoon that insulin would now be free.
The real company account issued a correction, but that didn’t stop its shares from dropping in value.
The ripple has extended beyond just Eli Lilly. Fellow insulin manufacturers Novo Nordisk (NYSE:NVO) A/S and Sanofi have each seen shares dip close to 4%.
According to reports, Twitter users in the US are currently unable to purchase Twitter Blue, which grants a verified checkmark. The fake Eli Lilly tweet, along with many others of a similar nature, has been deleted by Twitter. Some of the users we can thank for that are below:
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Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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