Eli Lilly and company the American pharmaceutical giant lost billions after stock plunged on Friday because a fake account, verified with a blue tick, claimed “insulin is free now.”
Eli lilly and company lost billions
Eli Lilly and Company is an American pharmaceutical company headquartered in Indianapolis, Indiana, with offices in 18 countries. Its products are sold in approximately 125 countries. The company was founded in 1876 by, and named after, Colonel Eli Lilly, a pharmaceutical chemist and veteran of the American Civil War.
As of 2022, Lilly is known for its clinical depression drugs Prozac (fluoxetine) (1986) and Cymbalta (duloxetine) (2004) and its antipsychotic medication Zyprexa (olanzapine) (1996), although its primary revenue drivers are the diabetes drugs Humalog (insulin lispro) (1996) and Trulicity (dulaglutide) (2014). Lilly’s achievements include being the first company to mass-produce the polio vaccine developed by Jonas Salk, and insulin. It was one of the first pharmaceutical companies to produce human insulin using recombinant DNA including Humulin (insulin medication), Humalog (insulin lispro), and the first approved biosimilar insulin product in the US, Basaglar (insulin glargine).
Eli Lilly and company the American Pharma Giant lost billions on 10th Nov when some fake blue tick verified twitter account use the Eli Lilly and company name and tweet that ‘insulin is free now”.
Tweet immediately start trending and with in few hours Eli Lilly market caps lost $15 billion.
Later on Eli Lilly and company gave information about their official account by tweeting from their Twitter handle.
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Twitter Blue cost $15 Billion for Eli Lilly and company
Today we see that every day Twitter remains in trend for some reason or the other.
Sometimes due to internal disputes and sometimes about work culture.
Last month Twitter new owner Elon Musk fired the entire management team. After that the employees were also laid off on a very large scale.
The first owner of Twitter also apologized to the user by tweeting that he did not sell Twitter in the right hand.
Later Elonmusk offered bluetick verified account at $ 8 monthly in the initiative of reducing Twitter’s loss and increasing revenue, which anyone can apply.
Who knows who will become a victim of that $8 monthly in the coming times, but just last week American pharma giant Eli Lilly and Company became it. Which a verified account tweeted using a similar name, which reduced the company’s $15 billion capital.
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Such tweets used to happen earlier also, but due to lack of blue tick verified, people would ignore it as a humour and due to this the company did not suffer financial loss, but the blue verified account came as a new problem for this company.
$8 Twitter account was lost to the company for $15 billion.
Elon Musk will have to take some concrete steps in this regard. Otherwise, because of $8, all its valuable customer base should leave it and start giving importance to some other platform.
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