Corporations have lost billions of dollars because of the Twitter reforms

Elon Musk's ideas on reforms of the social network Twitter led to the fact that some American companies lost billions of dollars of market capitalization.

In particular, the introduction of a fee of $7.99 per month for verifying the authenticity of Twitter accounts (the so-called «blue ticks») led to the appearance of fake corporate accounts, in which fakes began to spread, leading to a drop in the value of shares. 

For example, last Thursday, November 10, a fake account of the American pharmaceutical company Eli Lilly reported that «insulin has now become free.» After this fake statement, the stock prices of all pharmaceutical companies producing insulin sank by 4-5%. In addition to Eli Lilly itself, Novo Nordisk and Sanofi companies were affected.

On November 11, a fake account of the Lockheed Martin defense corporation was created, which announced that the company had stopped supplying weapons to the United States, Saudi Arabia and Israel due to human rights violations in these countries. As a result, Lockheed Martin's stock prices immediately sank by 5.5%, reducing the market capitalization of the defense giant by more than $7 billion. The securities of other defense companies, such as Raytheon and General Dynamics, also fell in price.

As a result of the scandal, Elon Musk decided to stop the practice of verifying accounts for money, and the official accounts of the companies had to apologize.