Elon Musk has finally taken over Twitter after a long and arduous legal wrangling period, and users can certainly tell.
The Tesla billionaire, who believes that his new social media network may already be headed toward bankruptcy, had briefly implemented a subscription service that offered coveted “blue checkmarks” to any user for the cost of $8 per months.
Predictably, chaos ensued, as trolls began buying up these verification badges and creating barely-labeled parody accounts of some of the world’s most famous people and most profitable businesses. For instance, one account that was nearly indistinguishable from the official account of George W. Bush tweeted that he “missed killing Iraqis”.
In the case of pharmaceutical giant Eli Lilly, the damage was monetarily quantifiable.
Elon Musk’s new pay-for-play verification system on Twitter shook pharmaceutical mainstay Eli Lilly (LLY) — leading LLY stock to skid Friday — after a fake account claimed “insulin is free now.”Trending:
The tweet went live around 1:30 p.m. on Thursday from an account claiming to be Eli Lilly. It remained online for several hours, gaining steam from hundreds of retweets and thousands of likes. As of Friday morning, the fake account is no longer verified and its tweets are now private.
The corporation’s stock took a dive shortly thereafter.
But that didn’t stop LLY stock from falling 4.5% to 352.30 on today’s stock market. Health care stocks were broadly pummeled Friday as well.
Musk eventually, (and thankfully), pulled the plug on the pay-to-play verification scheme altogether, and will be exploring other ways to drag Twitter out of the red.