Connect with us

Business

Eli Lilly Dives After Fake Twitter Account Promises Free Insulin; Novo Nordisk, Sanofi Follow

Published

on

Eli Lilly Dives After Fake Twitter Account Promises Free Insulin; Novo Nordisk, Sanofi Follow

(CTN News) – The brand-new pay-for-play verification system Elon Musk has introduced on Twitter has shaken pharmaceutical mainstay Eli Lilly (LLY). The stock of the company dropped Friday after a fake account claimed “insulin is now free” under Musk’s new scheme.

An account claiming to be Eli Lilly sent out a tweet around 1:30 p.m. from an account claiming to be Eli Lilly on Thursday afternoon.

The tweet stayed online for several hours, gaining traction as hundreds of people retweeted and liked it, increasing its popularity. It is now safe to say that the fake account is no longer verified and its tweets have now been made private as of Friday morning.

However, that didn’t stop the LLY stock from falling 2.2% near 360.70 during morning trade on the stock market today, as it fell 2.2% in the morning.

A statement from the company’s official account read, “We apologize to those who have been served a misleading message from a fake Lilly account,” the company said in a statement.

Eli Lilly stock price plummets to its rivals as well

It is pertinent and significant that Eli Lilly’s official Twitter account was verified under the old Twitter rules. The brand-new verification system allows any account to be verified for a monthly fee of just $8, which is a great deal. Since the move was announced, there have been numerous fake accounts that have been created, impersonating celebrities, politicians, and historical figures.

Due to the fact that there are no generic insulins available in the U.S., insulin prices have become a hot-button issue. There are some patients with diabetes who would die if they were not given insulin. In the U.S., Lilly, Novo Nordisk (NVO) and Sanofi (SNY) supply 100% of the insulin used and 90% of the insulin used around the world.

Stocks of LLY and its rivals also took a hit as a result of the slide in LLY stock.

There was a decline of 3.2% in Novo Nordisk shares near 111.80. The stock of Sanofi dropped by 4%, trading near 42.60, as a result of the decline.

A total of $878 million in sales were generated by Eli Lilly insulin products alone during the third quarter of the year. The number of sales fell by more than 20% year-over-year, however.

During the quarter, Lilly reported that its Humalog brand insulin had been reduced in price. There is a program that Lilly offers on its website, in which a monthly fee of $35 will be charged for insulin.

A request for comment was not immediately returned by a representative of the company on Friday morning.

As per MarketSmith.com, LLY stock recently broke out of a flat base with a buy point at 335.43, following the breakout from a flat base. The shares of the company have now moved beyond the 5% chase zone.

SEE ALSO:

Student Loan Forgiveness Plan In Jeopardy After Court Rules It Illegal: Key Takeaways

Continue Reading

Recent News

Volunteering at Soi Dog

Learn Spanish Now

Learn Spanish


Buy FIFA Coins

cheap fifa coins