Elon Musk and Eli Lilly: How a fake tweet caused chaos and reignited the debate over insulin prices
After billionaire Elon Musk bought Twitter, one of his first changes was a complete overhaul of the social media platform’s verification process. The update allowed any Twitter user to add a blue checkmark beside their name for $8 per month, giving it the appearance of an “official” account—and it didn’t take long for online pranksters to start paying the small fee just so they could pull of a good joke or two.
Perhaps the biggest of these pranks—and there were many—involved Eli Lilly and Company. On Nov. 10, a Twitter account with a blue checkmark changed its appearance so that it looked like the official Lilly Twitter account. The account then sent out a nine-word message that made a colossal impact: “We are excited to announce insulin is free now.”
According to a report from the Washington Post, the tweet “sparked a panic” within the massive pharmaceutical company. Two anonymous sources familiar with the situation said Eli Lilly representatives worked quickly to get the tweet removed, though it would take several hours for that to finally happen. The company then posted an apology on its official Twitter profile—an apology that Sen. Bernie Sanders and others used as an opportunity to call out Eli Lilly’s insulin prices. Sanders has been highlighting the high costs of insulin as a significant issue with the U.S. healthcare industry for many years now.
Eli Lilly’s stocks stumbled after the incident, though the Washington Post did note in its coverage that other healthcare stocks also took a hit at the same time. Even if the falling stock price was just a coincidence, however, the fake tweet seems to have caused Eli Lilly to rethink its social media and marketing strategies. The company has not posted anything from its official Twitter account since the apology, and multiple reports have suggested it is pausing all Twitter-related marketing. Eli Lilly remains active on other social media platforms.
Eli Lilly’s CEO comments on the fake tweet about free insulin
Eli Lilly and Company CEO Dave Ricks said on Wednesday, Nov. 16, that the “disappointing” incident demonstrated just how challenging it can be for companies to maintain a social media presence as policies continue to change over time. Reuters reported on the CEO’s comments, noting that Ricks added one thought that is sure to grab the attention of many within the healthcare industry.
“Probably also in the long term (the incident) highlights that we have more work to do to bring down the cost of insulin for more people,” Ricks said.
Could Twitter’s changing verification policies somehow lead to more affordable insulin in the United States? It would certainly add a compelling chapter to this ongoing story.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.