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Global pharma company loses $15 billion due of one tweet; here's how

Global pharma company Eli Lilly lost $15 billion due to one tweet; here's how

This global pharma company lost $15 billion due of one tweet; here's how

The fake tweet sent the market into a tizzy impacting the company's market capitalisation. Its shares plunged by over 4 per cent costing over US $15 billion in market cap.&nbsp;

World's richest man Elon Musk announced a major overhaul in Twitter after he officially took over as the new boss 2 weeks ago. However, Musk may not have anticipated the challenges he might face during the course of time.&nbsp;
The platform had to pause its newly relaunched premium service of providing blue tick verification to anyone who pays 8$. This is because the social media platform was flooded by raft&nbsp; of fake accounts who got verified after paying the required amount.&nbsp;
In one such incident, a 'fake verified' account cost insulin manufacturing global pharma company over US $15 billion in a day, according to a Zee Business report.&nbsp;
Here's how-
As per the report, a US-based pharmaceutical company that manufactures insulin Eli Lilly already has a verified account with the handle @LillyPad. However, a fake account impersonating it with a Twitter handle @EliLillyandCo got verified after paying $8 to Twitter.
Also Watch| <a href="https://www.editorji.com/world-news/musk-suspends-twitter-blue-signups-after-raft-of-fake-accounts-1668224503615">Musk suspends Twitter Blue signups after raft of fake accounts</a>
After it got the Blue tick, it tweeted that insulin is free now.&nbsp;
The fake tweet sent the market into a tizzy impacting the company's market capitalisation. Its shares plunged by over 4 per cent costing over US $15 billion in market cap.&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
We are sorry that you thought it could be free, not for making insulin crazy expensive <a href="https://t.co/b7GVTZd4Kz">pic.twitter.com/b7GVTZd4Kz</a>
&mdash; Fake Accounts Hall Of Fame (@FakeAccountsHOF) <a href="https://twitter.com/FakeAccountsHOF/status/1590924701001732096?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote>
&nbsp;
The ruckus in the market prompted the original company to give clarification for its shareholders.&nbsp;
Additionally, The fake tweet also affected the stock prices of Novo Nordisk and Sanofi, the other two manufacturers of insulin, according to a Zee Business report.&nbsp;

World Diabetes Day has been celebrated on 14th November every year since 1991. 

World Diabetes Day 2021: Here's all you need to know 

World Diabetes Day is observed every year on 14 November, the birthday of Sir Frederick Banting, who co-discovered insulin along with Charles Best in 1922.

World Diabetes Day 2021: 'Access to diabetes care: If not now, when?'

As per WHO, around 422 million people worldwide have diabetes
1.5 million deaths are directly linked to diabetes each year: WHO
World Diabetes Day 2021 marks 100 years since the discovery of insulin
World Diabetes Day is the world&rsquo;s largest diabetes awareness campaign
Diabetes is a chronic disease where the pancreas doesn't produce enough insulin
Diabetes leads to serious health conditions but is preventable

World Diabetes Day is observed every year on 14 November, the birthday of Sir Frederick Banting, who co-discovered insulin along with Charles Best in 1922.

As per the World Health Organisation, around 422 million people worldwide have diabetes. Not only this but 1.5 million deaths are directly linked to diabetes each year. Even after consistent efforts, diabetes continues to be a major problem.
Also watch:&nbsp;<a href="https://www.editorji.com/lifestyle-news/health/diabetes-rise-and-dine-to-control-your-blood-sugar-1634293865086">Diabetes: Rise and dine to control your blood sugar!</a>
Observed on 14th November each year, World Diabetes Day commemorates the birthday of Sir Frederick Banting, who co-discovered insulin along with Charles Best in 1922. The year marks 100 years since the discovery of a treatment that has saved millions of lives around the world; insulin.
World Diabetes Day is the world&rsquo;s largest diabetes awareness campaign reaching a global audience of over 1 billion people in more than 160 countries. This year's theme is&nbsp;'Access to diabetes care: If not now, when?'
Diabetes is a chronic disease where the pancreas don't produce enough insulin, if any at all. It also leads to serious health conditions and in many ways, can be preventable.
Also watch:<a href="https://www.editorji.com/lifestyle-news/health/it-s-never-too-late-to-start-harvard-medical-experts-share-diabetes-prevention-tips-1633417853357">&nbsp;It's never too late to start! Harvard Medical experts share Diabetes prevention tips&nbsp;</a>

insulin

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