Companies lose billions in Twitter Blue chaos

A tweet from an imposter Eli Lilly jokingly announcing that “insulin is free now” meant that the company lost billions in its market cap.

Multinational companies like Lockheed Martin and Eli Lilly lost billions of dollars because of tweets made by impersonated accounts using Twitter’s new paid verification feature, CNBC reports.

The newly launched feature which allowed Twitter accounts to have a verified checkmark for just an $8 a month subscription had resulted in a deluge of fake accounts.