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| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Nov 13, 2022, 09:04 AM IST
Twitter Inc. suspended its recently announced $8 blue check membership after fraudulent accounts flooded the network. However, the decision to halt paid verification came too late for one pharmaceutical company.
According to The Star, after a phony account pretending to be Eli Lilly promised free insulin, the company's shares fell 4.37 percent on Friday, wiping out more than US $15 billion in market value.
Eli Lily tweeted its clarification from their official account.
Since Elon Musk announced the new Twitter Blue membership restrictions, a plethora of fraudulent identities has proliferated on Twitter, with Eli Lilly being just one of their victims.
Twitter took action on Friday to reduce the number of false accounts that have emerged since Elon Musk's takeover, according to AFP. Sign-ups for a new paid checkmark system were suspended, and some accounts had their grey "official" badges reinstated.
Prior to this, only government agencies and businesses, as well as politicians, well-known people, journalists, and other prominent figures, were eligible for the coveted blue tick.
Only days after it was introduced—and almost immediately scrapped—a grey checkmark designating an "official" account was returning, according to a tweet from the @TwitterSupport account early on Friday.
The tool had been temporarily blocked to "help resolve impersonation issues," according to an internal document for Twitter personnel that was obtained by US media, including The Washington Post.
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