Shares of major companies are seeing significant impacts on prices after Twitter’s new verification system where anyone can get their hands on a blue check mark for $8 per month went live.
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Defense major Lockheed Martin (LMT) saw its shares dip by nearly 5.5% on Friday after a fake tweet said the company was halting sales to Saudi Arabia and Israel pending an investigation into their human rights record.
The drop in LMT’s share price had meant nearly $7 billion being eroded from the company’s market capitalization.
Earlier, Eli Lilly (LLY) too saw its shares drop by nearly 4.5% intraday after a fake tweet said Lilly was providing its insulin products for free now!
Moreover, other companies including PepsiCo (PEP), Roblox (RBLX), Nintendo (NTDOF), and Nestle (NSRGY) as well as famous personalities have seen fake accounts making most of the satire mania on Twitter.
Mr. Elon Musk though noted amid the rollercoaster situation that Twitter is gaining new users and one thing remains certain…Twitter Isn’t boring!
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