6 ms·
Fake account and $8 blue checkmark wipe $20B off Eli Lilly's market cap
- metadat 4y agoA tried and tested money making strategy scheme. Step 1. Buy stock options betting the price will go down. Step 2. Engage in fraud to damage the company, legitimizing it through Twitter Blue. Step 3. Profit. Totally morally bankrupt, unethical, and sleazy disgusting , though.
- MBCook 4y agoSeems like a terrible strategy to me. You would stick out like a sore thumb to the SEC when they came looking and go straight to jail.
- metadat 4y agoHow will they prove it? Use a disposable gift card credit card from your buddy.
- UncleEntity 4y agoPretty sure they track the money the other way, not who spent $8 but who gained $8,000,000,000.
- metadat 4y agoThe enforcers still need to prove it in a court. Actual real-life insider trading happens all the time in America, even our elected congressman partake. Who can blame them, considering the relatively low / modest government wages. For reference, see "Unusual_Whales". https://twitter.com/unusual_whales https://twitter.com/unusual_whales Reality sure does suck for non-elites.
- themitigating 4y agoYour reference shows unusual trades but not proof of insider trading.
- metadat 4y agoPrecisely, they just get really lucky every time. Statistics schmetistics.
- themitigating 4y agoDoes this show all trades or only ones which they made money and were related to legislation? If the latter then the statistics aren't complete
- deleted 4y ago[deleted]
- JamesianP 4y agoOr they just trap you into "lying" to the feds and lock you up for obstruction. It's quicker.
- dilyevsky 4y agoIs your buddy Phil Leotardo that you’re so sure he’s not going to tell on you when fbi charges him with 20 years worth of felonies?
- metadat 4y ago<3 I wish I was the one making bank off human stupidity. Hint: Ensure your "friend" does not reside in the USA or an otherwise extradition-friendly country. The credit system is global, especially for $8. C'mon, you only live once! Best make it interesting and worthwhile.
- krapp 4y agoIt's just a prank, bro.
- BeFlatXIII 4y agoThat's when relocation to countries without extradition treaties with the US comes in handy.
- 14u2c 4y agoWell, your first problem there (among many) is that Twitter is no longer a public company.
- basicplus2 4y agoI presume they are talking about Eli and who ever pranked them
- BeFlatXIII 4y agoMeh. It's just more efficient cheating at the stock market casino. I can't be bothered to care anymore.
- metadat 4y agoThis is how the elites continue to win - via our apathy.
- BeFlatXIII 4y agoThis seems to be a case of a new elite coming to power by stealing from the establishment elite.
- c7b 4y agoYeah, except that he took a leveraged long position, not short, it wouldn't work because the company is no longer publicly traded, and he could go to jail for just attempting that.
- groffee 4y agoAnyone think this was Musk's game plan? Not Eli specifically but intentionally causing chaos. "Both Musk and Calacanis agreed that Twitter Blue is “an insane piece of shit” and its features should be razed and rethought outright. “These dipshits spent a year on Twitter Blue to give people exactly… Nothing they want!” Calacanis texted." [0] [0] https://techcrunch.com/2022/09/29/elon-musk-texts-discovery-twitter/ https://techcrunch.com/2022/09/29/elon-musk-texts-discovery-...
- croes 4y agoDoes he look like a guy with a plan?
- dorkwood 4y agoIf that were the case, why would they revoke blue checks and prevent any more signups? Or was just the right amount of chaos created that they didn't need to create any more?
- tedunangst 4y ago4d chess from a marketing genius. Will only be offered seasonally, like the McRib.
- justinator 4y agoI don't think Musk really has a game plan. I think Musk has a new hobby.
- mertd 4y agoIt's okay to cry that the emperor has no clothes. Musk has no competence for running a social media company. There is no grand strategy. Maybe he'll get a grip eventually. It certainly doesn't look like it right now.
- weaksauce 4y agoI mean the guy has the mentality of a 15 year old meme edgelord that thinks he's smarter than everyone on earth. he got into a fight with some diver that rescued children from a cave and called him a pedophile because they didn't want to use his impractical submarine that wasn't ever going to work. what do we really expect from him?
- rdtwo 4y agoI mean Elon said he was fighting bots. What better way than To fight poorly programmed HFT twitter Feed trading algorithms
- anuvrat1 4y agoIs it true? I looked at Lilly adjacent companies, and they all share the drop. https://finance.yahoo.com/chart/JNJ https://finance.yahoo.com/chart/JNJ https://finance.yahoo.com/chart/MRK https://finance.yahoo.com/chart/MRK https://finance.yahoo.com/chart/AMGN https://finance.yahoo.com/chart/AMGN https://finance.yahoo.com/chart/BMY https://finance.yahoo.com/chart/BMY https://finance.yahoo.com/chart/GSK https://finance.yahoo.com/chart/GSK except https://finance.yahoo.com/chart/ABT https://finance.yahoo.com/chart/ABT probably they were doing something which others weren't https://finance.yahoo.com/chart/%5ESP500-352020 https://finance.yahoo.com/chart/%5ESP500-352020 S&P 500 Pharmaceuticals I think this much evidence is enough to deduce that, "No, fake account didn't wipe out $20B in market cap, rather it was a broad market trend"
- themitigating 4y agoOther companies that also make insulin?
- bombcar 4y agohttps://twitter.com/quantian1/status/1591149510168039426 https://twitter.com/quantian1/status/1591149510168039426 But - no checkmark so probably fake!
- cma 4y agoFree insulin or just more scrutiny on insulin would potentially hurt the whole sector. Or who knows, just effective parody of the drug price grift could make the value of all of them go down if they think they could be the next target of ridicule, even if they aren't involved with insulin they probably have something at a crazy marked up price that drives lots of their profits.
- tenpies 4y agoThe irony is that there is a very high chance the drop was caused by fake information, not from the Twitter accounts, but rather from the US government's BLS. You see, back in October, they decided that inflation is too high so it's time to tweak the formula so it doesn't look so bad. Energy would be too obvious, but health insurance is the perfect component to tweak![1]. So what happened in this week's CPI print? Well inflation still went up - a crushing 0.4% Month over Month, or 7.7% Year over Year, but because inflation has been so bad, this rate of inflation is an improvement[2]. The market was quite pleased. But what about healthcare inflation? Well it made a 50 year record by reporting -0.6%. That's right, according to the BLS, healthcare costs went down 0.6% MoM. To anyone with healthcare insurance or medical costs, they know this is an absolutely fake number. Even among analysts that work the sector, they knew the number was going to be suppressed, but not by this much. But what would a not-very-savvy investor do when he sees the CPI print 0.4% this month, and their healthcare sector investments print -0.6%? Why - and this is the technical term - shit your pants of course. I mean the sector is losing 1% per month to inflation. Sell, sell, sell! I need that money in sectors that are keeping up, like literally everything else. So let's give it up for the US government, tweaking the CPI calculation once more, to under-report real inflation and screw over everyone else. It's a time-longed tradition going as far back as fiat currencies. And kudos to the mainstream media apparatus for using the event to smear their ideological enemies instead of broaching the subject with a modicum of thinking. And if you're curious, here's the best an army of government academics can get you when you need healthcare CPI to drop: https://www.bls.gov/cpi/factsheets/medical-care.htm https://www.bls.gov/cpi/factsheets/medical-care.htm Scroll down to "Health Insurance". --- [1] https://www.bloomberg.com/news/articles/2022-10-03/why-health-insurance-is-about-to-help-drag-the-cpi-lower https://www.bloomberg.com/news/articles/2022-10-03/why-healt... [2] https://www.bls.gov/news.release/cpi.nr0.htm https://www.bls.gov/news.release/cpi.nr0.htm
- spoils19 4y agoThis is actually good. By reducing the market cap, it gives Musk more leverage to expand Twitter and shift it into the future plans for x.com, once again showing off his 6D chess skills.
- wzy 4y agoI can't tell if this is sarcasm or dcik-riding.
- chasd00 4y agoHah it’s a fine line. I’m a pretty big fan of Musk but I really hope he’s finally in over his head and twitter completely fails and is offline in 12 months.
- klyrs 4y agoMaybe his anal beads are on the fritz
- kelnos 4y agoTwitter is a private company. It doesn't have a "market cap", at least not in any way that's useful here. Not sure how reducing the value of your asset gives you more leverage. That's not how leverage works.
- jerojero 4y agoPretty sure this is going to be investigated by the SEC. It's pretty insane though, though pretty much everyone I saw commenting on this twitter blue issue thought of impersonation as the first thing that would happen when you gave people access to an 8 dollar checkmark. I mean, the writing's on the wall. I don't think this was Elon Musk being a mega brain, I think Elon Musk and his friend Calacanis which, btw, how could he take his advice after those desperate texts he had been sending, think they know better. It's simple as that, they think they know better, they think they have the answers. But they don't, and it's showing. Twitter needs to be run responsibly, and believe it or not, the constraints of being a public company were restricting the company reasonably. It was not the most profitable, it had problems with bots, it definitely had problems with driving engagement through hatred (though, arguably, this might have been a good thing for the business)... but it was relatively stable. Now those constraints are gone but instead of improving the perverse incentives that plagued the platform Musk is trying to monetize the company in irresponsible ways. One funny thing is that Musk keeps tweeting about how twitter is as active as it has ever been, and I'm not sure if he knows this but chaos is not always desirable. If you drop a bee's colony you will for sure see the most activity in the colony right before the bee's sting you to death and either die or move to a new colony.
- adam_arthur 4y agoThe semantics of the checkmark has changed… it no longer implies that the account’s identity has been verified. The mistake was not changing the checkmark visual to something else. And clearly some brand verification is necessary as a secondary measure. A second paid tier for actual identity verification makes sense
- pigtailgirl 4y ago-- indeed - don't understand why they didn't use a different colour for authentic account vs verified account - marketing? --
- jerojero 4y agoI'm pretty sure the whole point of the policy (looking at what Elon Musk had been tweeting) was to "democratize" the feature. Why would anyone pay for a "verification that you can pay for" if it was anything other than the verification everyone knows of.
- serbrech 4y agoAllowing people to suddenly buy a symbol that used to mean the source could be trusted (at least more than now)… what could go wrong
- v0idzer0 4y agoDid it ever mean they could be trusted though? I think it’s healthy for everyone to distrust any and all tweets.
- jhanschoo 4y agoIn terms of factual information, no; in terms of identity verification, most could be trusted.
- papito 4y agoThe person behind the checkmark was a real person/entity and whatever they said, true or disinformation - they owned it. That is the difference. If Candice Owens had said something detestable, at least I knew that I was being triggered by the actual troll.
- motohagiography 4y agoThis was funny but the example should finally show it's time to end the appeasement of problematic trolls and let's get back to making Twitter brandsafe for big pharma again. If celebrities, sweatshop clothing brands, fast food companies, sugar water makers, SUV manufacturers, big pharma, cosmetics companies, oil companies, columnists, enterprise software comapnies, and politicians fear to tread there, I'd say that sounds like somewhere with some actual growth ahead of it.
- HelixEndeavor 4y agoSoldier of the proletariat Elon Musk
- moralestapia 4y agoWhy is TW liable for this though?
- 8bitsrule 4y agoFull-Self-Verifying will be available in 2023.
- rishav_sharan 4y agoThe simplest solution would be have normally verified ticks, but they are paid for like a subscription. A user applies for a tick just like they used to. Once verified, they get a month of blue tick for free. After that if they want to keep it, they pay 10 bucks a month. They can then add purely cosmetic tiers - silver and gold for 20 & 50 bucks. Essentially keep the meaning of ticks the same, but make people pay for using it. Another simple solution would be to just not allow people to change their name once verified. Name change should require a paid reverification. There are so many ways they can monetize the ticks.bor salvage the current situation with small tweaks.
- senectus1 4y agoI must have missed the memo about twitter bei8ng anything more than a flaming trash pile of curiosity... it boggles my mind that 20 BILLION dollars worth of investors made a panic sell based on a twitter post alone. WTF is wrong with the world that TWITTER is a place you make majore knee jerk financial decisions from...