Late last month, Elon Musk concluded the deal to take over Twitter and it definitely has not been a smooth transition.
Musk made the decision to introduce Twitter Blue to the world which allowed anyone who pays an $8 monthly subscription fee to obtain the verified blue checkmark, once reserved for authentic public figures.
Just as nearly everyone but Musk predicted, fake—but verified—accounts took over the Twitterverse. Though many creators of the "verified" accounts likely created them in good fun, one tweet by a fake account caused a plunge in the actual company's stock.
Last week, a fake account using the handle @EliLillyandCo posted that the real company Eli Lilly and Co was giving away free insulin.
The tweet read:
"We are excited to announce insulin is free now."
@EliLillyandCo/Twitter
Given the handle had a blue check, many believed the tweet to be legit.
Just over night, the company's share price dropped more than $20 per share, from $368 to $346.
None— Rafael Shimunov is on Mastodon (@Rafael Shimunov is on Mastodon) 1668190892
The company quickly took to Twitter to apologize for the false information, and Musk also paused the new verification system as other companies were facing similar challenges. The parody account's tweets have also been locked.
\u201cWe apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad.\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
While some were glad the pharmaceutical giant clarified, many think the company should be apologizing instead for the continuously rising cost of insulin.
\u201cLet's be clear. Eli Lilly should apologize for increasing the price of insulin by over 1,200% since 1996 to $275 while it costs less than $10 to manufacture. The inventors of insulin sold their patents in 1923 for $1 to save lives, not to make Eli Lilly's CEO obscenely rich.\u201d— Bernie Sanders (@Bernie Sanders) 1668198763
\u201c@LillyPad The least you can do is make insulin affordable for Americans.\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad Why isn\u2019t Insulin free, or at the very least, much less expensive? It should be.\n\nSee this thread: https://t.co/TezGBcxEsV\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad The fake account isn\u2019t what we need an apology for, tbh\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad See I\u2019m not the only one\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad https://t.co/ACicBCNGrq\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad Why aren\u2019t you making insulin free though?\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad https://t.co/bHyB6DwVFz\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad So just to be clear you intend to continue to charge exorbitant prices for a life saving essential medication?! Looks like you all have had a pretty successful quarter \ud83e\udd14 https://t.co/JwORpU9Pgq\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad Oh you mean like the person who discovered insulin intended when he refused to put the name on the patent because he said it would be unethical to profit off of live-saving medication?https://t.co/MK1HfYA6nD\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad Apologize to diabetics for price gouging.\n\nhttps://t.co/QGwOfEeodB\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad Insulin *should* be free. It *is* free to diabetics here in Scotland (and the wholesale price is multiple orders of magnitude cheaper than in the USA).\n\nWhy are you price gouging for blood money?\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
\u201c@LillyPad That\u2019s the wrong thing to be apologizing for.\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1668114541
In response to the criticism they've received, the company pinned a post from March to the top of their profile.
It reads:
"If you or someone you know has difficulty paying for Lilly insulin, we have a comprehensive suit of insulin affordability solutions available. We want to help."
It is followed with a link to the company's solution center resource page: https://t.co/Npcbfq9AXk
\u201cIf you or someone you know has difficulty paying for Lilly insulin, we have a comprehensive suite of insulin affordability solutions available. We want to help: https://t.co/Npcbfq9AXk\u201d— Eli Lilly and Company (@Eli Lilly and Company) 1646172568
Though the parody tweet definitely ignited false hopes in some, and, of course, caused the company's stock to plummet, there is definitely a lesson to be learned here.