Twitter: Elon Musk plays the sorcerer’s apprentice and causes a company to lose billions

Since taking control of Twitter at the beginning of November, Elon Musk has been firing on all cylinders, he first laid off nearly half of the workforce and then wanted to monetize the authentication badge which certifies the account. a company, a personality or a politician.

A costly change…

The interest of the authentication system being to protect the user against identity theft, it lost all its effectiveness when it became accessible to everyone for a fixed price of 8 dollars per month. As expected, fake accounts have multiplied on the network to the point of pushing Elon Musk to create a second “official” badge.

One of the most telling examples is that of the company Eli Lilly and Company whose market capitalization collapsed following the publication of a false account… The action went from 368 to 352 dollars in the space of a few hours, that is to say 20 billion dollars which evaporated in nature.

The message in question featured the name and logo of the company and obviously sported the certification badge as can be seen in the screenshot below:

Credit : West France

Since then, Elon Musk has returned to this feature and decided to cancel the monetization system for badges.

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