Eli Lilly Stock Plummets After Parody Twitter Account Says Insulin is Now Free

The pharma company felt the affects of a dangerous imitation account on Thursday.

learn more about Emily Rella

By Emily Rella

Getty Images

Elon Musk's disastrous back-and-forth rollout of Twitter Blue has caused a multitude of communication problems between users and trolls, with fake news and information inadvertently going viral after users quickly see blue checkmarks and assume what they are reading is from a legitimate source.

Though much of the banter has been in good jest, one company is feeling the very real implications of the viral spreading of misinformation.

Eli Lilly and Company's stock plummeted on Thursday after an account posing to be the pharmaceutical company claimed that insulin would now be free in the United States.

Screenshot via Twitter

Eli Lilly was down just over 4% in a 24-hour period by Friday afternoon and 20 points in early trading on Friday morning.

The account, which used the handle @EliLillyandCo, had the same username and profile photo as the official Eli Lilly and Co account which uses the handle @LillyPad.

Both had blue checkmarks, except the fake account had purchased its symbol after subscribing to Twitter Blue, making it seem legitimate to quick viewers on the site.

Eli Lilly responded from its official account late Thursday apologizing for the mixup.

The fake branding of the pharma company was one of many in the past 24 hours, with troll accounts impersonating companies across several industries, wreaking havoc across the site.

The fake account has now been suspended.

Emily Rella

Entrepreneur Staff

News Writer

Emily Rella is a news writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Related Topics

Editor's Pick

Have More Responsibilities at Work, But No Pay Bump? Use This Script to Get the Raise You Deserve.
Black and Asian Founders Face Opposition at All Levels — Here's Why That Has to Change
Business News

'This Made Me Physically Recoil From My Phone': Lingerie Brand Apologizes For 'Creepy' Ad Referencing Ryan Reynolds and Bras

Online lingerie retailer Harper Wilde is under fire for a bizarre sponsored post it has since pulled from Instagram.

Thought Leaders

5 Small Daily Habits Self-Made Millionaires Use to Grow Their Wealth

We've all seen what self-made millionaires look like on TV, but it's a lot more subtle than that. Brian Tracy researched what small daily habits these successful entrepreneurs adopted on their journey from rags to riches.

Business News

Viral Sensation 'Popcorn Guy' Has Earned a Gig at the 2023 Oscars

Jason Grosboll first went viral on TikTok for his theatrical method of buttering popcorn in a Texas movie theater.

Business News

The Scam Artist Who Robbed Backstreet Boys and NSYNC Blind. 'Some of the Guys Couldn't Pay Their Car Payment.'

In the 1990s, Lou Pearlman made millions creating the Backstreet Boys and NSYNC. It was all a giant Ponzi scheme.