Eli Lilly Stock Plummets After Parody Twitter Account Says Insulin is Now Free
Elon Musk’s disastrous back-and forth rollout of Twitter blue has caused a lot of communication problems between users, trolls, and users. Fake news and information have inadvertently gone viral after users see blue checkmarks quickly and assume that what they are reading is legitimate.
Although much of the banter was in good humor, one company is now feeling the real consequences of the viral spreading misinformation.
Eli Lilly and Company’s stock plunged on Thursday, after an account pretending to be a pharmaceutical company claimed that insulin would no longer be available in the United States.
Screenshot via Twitter
Eli Lilly was down just over 4% in a 24-hour period by Friday afternoon and 20 points in early trading on Friday morning. The account using the handle @EliLillyandCo had the same username and profile picture as the official Eli Lilly and Co account that uses the handle @LillyPad.
Both had blue checksmarks. However, the fake account had bought its symbol after subscribing for Twitter Blue. This made it appear legitimate to quick viewers.
Eli Lilly apologized for the mix-up late Thursday from its official account.
We apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad.
— Eli Lilly and Company (@LillyPad) November 10, 2022
The fake branding of the pharma company was one of many in the past 24 hours, with troll accounts impersonating companies across several industries, wreaking havoc across the site.
The verified brand situation is getting out of control. Quick thread on twitter blue brands and brands who might be upset at Elon right now. pic.twitter.com/bZ9PSqZKtf
— Read Jackson Rising by @CooperationJXN (@JoshuaPHilll) November 11, 2022
The fake account has now been suspended.
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The author of 5 books, 3 of which are New York Times bestsellers. I’ve been published in more than 100 newspapers and magazines and am a frequent commentator on NPR.