Winning Bizness Desk
Mumbai. America's giant pharma company Eli Lilly has lost $ 15 billion due to Twitter's blue subscription. Actually, a user on Twitter created a fake account in the name of this company and took a blue tick for the account by paying $ 8. After this, it was tweeted from this account that now insulin will be available for free. Seeing the account named Eli Lily and Company and the blue tick on it, people thought that this is the real account of the company. Due to this fake tweet, there was a stir among the investors of Eli Lilly & Company (LLY) on Friday and its stock fell heavily. The company's stock fell about 4.37% in one day.
Market cap declined by $15 billion
Due to the fall in the stock, the market capitalization of the company also declined by $ 15 billion. As soon as the pharma company came to know about this fake tweet, it clarified by sharing the post with its official Twitter account. The company tweeted, 'We apologize to those who have been given a misleading message from a fake Lily account. Our official Twitter account is @lilypad. By the time the company tweeted this, it was too late and it had suffered a huge loss. So far, no statement has come from Twitter's new owner Elon Musk in this matter.
Paid verification feature creating all mess
Twitter started Blue Tick subscription (paid verification feature) 2 days ago through which any user could get a blue tick by paying $ 8, but many users took the wrong advantage of it. Many users took blue ticks in the names of many celebrities and well-known brands and started posting fake posts from fake accounts. Seeing the rise of these fake accounts, Twitter has been forced to shut down its Blue Tick subscription service for $7.99 for the time being. All users received a message from Twitter which read, 'Thank you for your interest! Twitter Blue will be available in your country in the future. Please see later.'
Only Blue users will get blue tick badge
Elon Musk said last week that only Twitter Blue users will now get the Blue Tick Verified badge on their account. Even existing users who have a verified badge will have to pay for Twitter Blue and subscribe. However, these users can get a grace period of around 3 months to switch to the paid subscription. If they do not take blue subscription, then the blue tick will be removed from their account.