Home NewsStock Market News Billions of dollars lost! How Twitter Blue troubled investors on Wall Street

Billions of dollars lost! How Twitter Blue troubled investors on Wall Street

by WOOWinvest
0 comment
Billions of dollars lost! How Twitter Blue troubled investors on Wall Street


Before being suspended last night, Elon Musk’s idea of ​​an $8 blue check subscription service on Twitter created a mess on Wall Street with at least two stocks losing billions of dollars in market capitalisation.

Aerospace company Lockheed Martin and pharma major Eli Lilly and Company were both victims of impersonation on the social media platform.

An impostor account registered under the revamped Twitter Blue system tweeted Thursday that the drugmaker would provide free insulin free of cost. Eli Lilly’s stock tumbled more than 5% on Friday and was still down more than 4% at the close. The company lost over $15 billion in market cap as a result of the mischievous tweet.

Similarly, Lockheed Martin shares also ended 5.5% down after an imposter said the company will begin halting all weapon sales to Saudi Arabia, Israel and the US until further investigation into their record of human rights abuses.

After a number of such fake accounts with blue tick verification labels were discovered, Twitter halted its premium service which was made available to anyone willing to pay $8 a month. Earlier, the blue tick was reserved for government entities, corporations, celebrities, journalists and other public figures for free before Musk’s takeover of the social media platform. Fake accounts purporting to be big brands have popped up with the blue check since the new roll-out, including Musk’s Tesla and SpaceX, as well as Roblox, and Lockheed Martin.

“To combat impersonation, we’ve added an ‘Official’ label to some accounts,” Twitter’s support account – which has the “official” tag – tweeted on Friday.

The label was originally introduced on Wednesday – but “killed” by Musk just hours later.

(With inputs from agencies)

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy