Eli Lilly stock tanks after fake Twitter Blue post saying: 'Insulin is free'

Eli Lilly stock tanks after fake Twitter Blue post saying: 'Insulin is free'
Controversial Twitter takeover: Musk announces $8 monthly charge for blue check mark

Pharmaceutical company Eli Lilly saw a sudden drop in its stock thanks to an impersonator using Twitter Blue.

When Elon Musk introduced Twitter Blue it was to allow anyone to obtain a verified check mark so long as they paid the $8.99 subscription fee.

Quickly, Musk ran into impersonation problems and decided to add a feature that would tell Twitter users which accounts were verified for notability versus subscription.

By clicking on the blue checkmark on a verified Twitter user's profile, people can tell why their account received verification.

But that didn't solve the problem.

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On Thursday, Eli Lilly's stock closed around $368 USD. Later that night a Twitter Blue subscriber created a fake Eli Lilly account and began tweeting as though they were the company.

"We are excited to announce insulin is free now," Twitter account @EliLillyandCo wrote.

Because the account seemed legitimate and it wasn't clearly marked as Twitter Blue verified, people assumed it was real.

By Friday morning, Eli Lilly's stock fell to $346.

The company tweeted on Friday, "We apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad."

Musk also paused Twitter Blue verification rollout on Friday as other companies faced similar issues.

While Eli Lilly's stock was negatively impacted, the parody account's tweet did bring attention to a major issue in the US- the price of insulin.

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