Twitter Blue Tick Causes $ 15 Billion Loss To Pharma Company. Here’s How

America’s giant pharma company Eli Lilly has lost $ 15 billion due to Twitter’s blue subscription.

Twitter Blue Tick: 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 on Thursday from this account that now insulin will be available for free.

Did Twitter Blue tweet just cost Eli Lilly $LLY billions?

Yes. pic.twitter.com/w4RtJwgCVK

— Rafael Shimunov is on Mastodon (@rafaelshimunov) November 11, 2022

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, the investors of Eli Lilly and Company (LLY) were stirred on Friday and its stock fell drastically. The company’s stock fell about 4.37% or $ 16.06 (Rs 1,292.90) in one day to $ 352.30 (Rs 28,361.74).

COMPANY’S MARKET CAP DECREASED BY $ 15 BILLION

Due to the fall in the stock, the market capitalization of the company has also decreased by $ 15 billion, i.e., Rs 1.20 lakh crore. Now the market cap of this company has become $ 334.75 billion, i.e., Rs 26.94 lakh crore.

COMPANY CLARIFIES, APOLOGIZES TO PEOPLE

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 misleading messages from a fake Lily account. Our official Twitter account is @LilyPad.

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

ELON MUSK HAS NOT YET GIVEN ANY STATEMENT ON THIS MATTER

By the time the company tweeted this, it was too late and it had suffered huge losses. So far, no statement has come from the new owner of Twitter, Elon Musk in this matter. However, he has made some tweets, in which Musk has told that parody accounts will have to write parody in both their Twitter bio and Twitter name.