Hashtag Trending Nov. 14 – Eli Lilly stock plunge; Twitter backtracks on pay to verify; FTX hack

Eli Lilly stock price succumbs to fake tweet, Twitter removes checkmarks from Twitter Blue, and FTX gets hacked.

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That’s all the tech news that’s trending right now, welcome to Hashtag Trending. It’s Monday, November 14, and I’m your host, Tom Li.

Eli Lilly, the pharmaceutical company that commercialized insulin almost 100 years ago, saw its stock price tank by 4.5 per cent when a Twitter user, posing as the company’s official account, falsely tweeted that insulin would be offered for free. The confusion came from, you guessed it, the checkmark next to the account’s name, which was obtained by paying $8 a month. The account did not mark itself as a parody account, a new requirement introduced after Elon Musk took over the platform. In addition to Eli Lilly, Novo Nordisk and Sanofi, two other major suppliers of insulin, also saw their stock prices drop.

Source: Investors

The previous story was just one example of how imposter accounts are taking advantage of the confusion to post bogus tweets, often posing as a brand or public figure, including Elon Musk himself. This was clearly a problem for Twitter, which is probably why it removed the system. In a tweet, Musk condemned the imposters, saying that tricking people is not OK. His backpedaling is in stark contrast to his previous stance, in which he vehemently defended the system when faced with criticism.

Source: Ars Technica

Just when you thought things couldn’t get worse for the doomed crypto exchange FTX, the company is now sandwiched between a bankruptcy filing and a hack involving around $500 million. FTX filed for bankruptcy after it couldn’t raise a $9 billion rescue package. And since all customers are considered creditors, it will take a long time, possibly months, to sort out who’s owed what, which doesn’t even include the recovery process. The hack is just salt in the wound and no one seems to know how it happened. To many, FTX’s fall from grace is still unreal. At its peak, it was the world’s third-largest crypto exchange.

Source: CNET

To drive home how damaging the FTX fiasco has been, one hedge fund admitted that half its capital is now stuck in the platform. Galois Capital co-founder Kevin Zhou apologized for the situation, warning that it may take a few years to recover some percentage of its assets. That’s not very reassuring, but the situation is almost entirely out of their control.

Source: Financial Times

That’s all the tech news that’s trending right now. Hashtag Trending is a part of the ITWC Podcast network. Add us to your Alexa Flash briefings or your Google Home daily briefing. Make sure to sign up for our Daily IT Wire newsletter to get all the news that matters directly in your inbox every day. Also, catch the next episode of Hashtag Tendances, our weekly Hashtag Trending episode in French, which drops every Thursday morning. If you have a suggestion or a tip, drop us a line in the comments or via email. Thank you for listening, I’m Tom Li.

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Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT Business. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at [email protected]

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