Analytical Reviews

Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Corporations have lost billions of dollars because of the Twitter reforms


November, 16 2022
watermark Economic news

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.


コメントする

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.