Previously, the Account Distinguishing Badge was awarded to verified accounts of government administration institutions, politicians and other public (or simply famous) figures, media, journalists and large companies. For free, you only had to apply for such verification (not for everyone). The stamp was a kind of assurance for Twitter users that a given profile could be considered trustworthy. This was to prevent the spread of false information, fake news.
Elon Musk decided that this is a privilege for which you have to pay – exactly eight dollars a month. “People’s power,” he wrote, criticizing the existing rules as “a system of masters and peasants” that needed to be changed. That is: instead of verification for limited categories of users, an option available to anyone with access to a credit card, for a fee (according to Musk, not excessive). What could have gone wrong?
Already when the change was signaled, there were warnings, including from former Twitter managers, that it would be fodder for trolls setting up fake accounts. “With the problem of misinformation that many platforms struggle with, fact-checking is one of the ways journalists, academic researchers and some users filter out misinformation or low-quality information,” Nu Wexler, former head of communications policy, told the BBC. Twitter.
A fake Twitter account crashed into a real company’s stock market
As feared, a number of fake accounts have appeared, impersonating e.g. for well-known large companies. Tesla and SpaceX were not spared, but it was the pharmaceutical industry that was hit the hardest – because the effects were visible on the stock market. A fake Twitter profile – with a blue verification mark given by the new rules – claiming to be a major pharmaceutical company, Eli Lilly, posted a post claiming that “insulin is now free”. The real company on the real account apologized for this, but apparently some investors fell for (or seized the opportunity) – and sold shares.
The post appeared on Thursday afternoon and gained a lot of popularity, was liked and retweeted on Twitter. The Washington Post journalist reported that in the first three hours he collected 10,000 likes and 1,500 likes. pass on.
On Friday morning, the account was private again (not verified), but so what, since the whole thing caused a discount on Eli Lilly’s shares on the New York Stock Exchange – on Friday they lost 4.45 percent. This resulted in declines in other pharmaceutical companies – Novo Nordisk and Sanofi (by 3.5 and 4 percent, respectively).
Eli Lilly quotes, weekly chart. Source: investing.com
Novo Nordisk quotes, weekly chart. Source: investing.com
Sanofi quotes, weekly chart. Source: investing.com
Expensive insulin evokes emotions
These three companies account for 90 percent. insulin market in the United States, they also take as much of the global market (in terms of value). Meanwhile, there are no generics (cheaper substitutes) of insulin in the US, and it is an expensive drug. It’s a hot topic in the US, also politically. In late March, the House of Representatives passed a law requiring patients to pay no more than $35 a month for insulin treatment. So far, it has averaged around $375, and sometimes it was almost three times higher. In August, however, the package of which this act was part, .
This summer, Sanofi announced that it would offer uninsured patients in the United States a price not to exceed $35 for a 30-day supply of the drug (the base price is $99). Eli Lilly also offers payment programs with this amount from 2020.
Donald Trump, Jesus, Lockheed Martin and Nintendo
There were more fake accounts with a blue stamp, claiming to be famous politicians, athletes or companies. Some of them apparently were created only to show Elon Musk that his idea does not work – these were the entries of the already suspended “verified” account of Donald Trump or Jesus. The Nintendo account posted a picture of Super Mario making a vulgar gesture.
It didn’t help that Twitter had two versions of the blue badges – and they looked identical. Some of them were awarded in pre-Musk times, with the note that the account was verified because it is important as a government, news, entertainment or other category. The “musk” stamps had an annotation referring to the subscription to the Twitter Blue service (i.e. paid verification).
To this, Twitter decided to add gray stickers with the word “official” – to fight fake accounts impersonating real people, companies or institutions. Such markings appeared on some accounts, then disappeared, and on Friday they began to appear again here and there. On Friday, the possibility of subscribing to the “blue” account for eight dollars was also to disappear – reports, among others. .
Source: Gazeta
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
