{"id":12107,"date":"2022-12-05T10:00:16","date_gmt":"2022-12-05T15:00:16","guid":{"rendered":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/?p=12107"},"modified":"2022-12-05T01:10:28","modified_gmt":"2022-12-05T06:10:28","slug":"misinformation-spikes-after-elon-musks-twitter-takeover","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/2022\/12\/05\/misinformation-spikes-after-elon-musks-twitter-takeover\/","title":{"rendered":"Misinformation Spikes After Elon Musk\u2019s Twitter Takeover"},"content":{"rendered":"<p><strong>Justin Lotito<br \/>\n<\/strong><em><strong>Staff Writer<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">When billionaire Elon Musk announced the decision to take over Twitter for an estimated 44 billion dollars in April, he promised change and innovative ideas, reports <\/span><a href=\"https:\/\/www.nytimes.com\/2022\/10\/27\/technology\/elon-musk-twitter-deal-complete.html\"><span style=\"font-weight: 400\">The New York Times<\/span><\/a><span style=\"font-weight: 400\">. One of those ideas was a tweak to its verification policy that would see users pay eight dollars a month for a blue checkmark. The feature is called Twitter Blue. At launch, the new feature would be released to users in the United States, Canada, Australia, and New Zealand.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Twitter Blue debuted to users on November 5, but it was removed on November 6, only a day later, reports <\/span><a href=\"https:\/\/www.businessinsider.com\/timeline-elon-musks-chaotic-twitter-blue-verification-rollout-2022-11\"><span style=\"font-weight: 400\">Business Insider<\/span><\/a><span style=\"font-weight: 400\">. The quick removal came after the new paid checkmark policy on Twitter let in a flood of impersonation accounts, leading to widespread disinformation on the worldwide Internet platform. Internet trolls saw the opportunity as a chance to play pranks and mock users on the platform, and large corporations began to immediately feel the effect of the impersonation accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One of the companies to feel the effects of the new policy was Eli Lilly and Company, a pharmaceutical company that sells its products to 125 countries.\u00a0 <\/span><a href=\"https:\/\/gizmodo.com\/twitter-eli-lilly-elon-musk-insulin-1849779323\"><span style=\"font-weight: 400\">\u201cWe are excited to announce insulin is now free,\u201d<\/span><\/a><span style=\"font-weight: 400\"> a fake Eli Lilly and Company account posted to Twitter. That tweet had major implications for the pharmaceutical company\u2019s stock market shares, which fell from $368 to $346 in a matter of minutes. This resulted in an estimated loss of $15 billion in market capitalization, which measures a company\u2019s size in the stock market. A loss this significant has major ramifications for publicly traded companies as the higher the market cap the safer the company usually is to invest in. Eli Lilly\u2019s public relations team was quick to post an apology tweet, denouncing the impersonators. However, fake accounts continued to harass the company and trolls reworded the apology, poking fun at product prices.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lockheed Martin, an American arms manufacturer currently contracting weapons to Ukraine, also found their stocks affected due to Twitter Blue, reports the <\/span><a href=\"https:\/\/eurasiantimes.com\/no-weapons-sales-to-israel-how-a-lockheed-martin-tweet-resulted\/\"><span style=\"font-weight: 400\">Eurasian Times<\/span><\/a><span style=\"font-weight: 400\">. \u201c<\/span><span style=\"font-weight: 400\">We will begin halting all weapons sales to Saudi Arabia, Israel, and the United States until further investigation into their record of human rights abuses,\u201d a fake Lockheed Martin account announced. This resulted in a 5.5 percent drop in the company\u2019s stock price, and its market cap took a $7 billion hit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In response to the new policy, companies such as General Motors, Audi, and Volkswagen have pulled advertisements from Twitter for the foreseeable future, reports <\/span><a href=\"https:\/\/www.forbes.com\/sites\/nicholasreimann\/2022\/11\/28\/musk-says-apple-cutting-twitter-ads-here-are-the-other-companies-rethinking-their-ties\/?sh=66fe49c87032\"><span style=\"font-weight: 400\">Forbes<\/span><\/a><span style=\"font-weight: 400\">. The platform makes the majority of its revenue through advertisements. In 2021, Twitter made an estimated $4.5 billion of its $5.1 billion revenue, from paid advertisement, reports <\/span><a href=\"https:\/\/www.barrons.com\/articles\/twitter-advertising-ad-business-51667319592#:~:text=In%202021%2C%20Twitter%20had%20%245.1,1%25%20of%20the%20overall%20market.\"><span style=\"font-weight: 400\">Barron\u2019s<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Twitter users also took the chance to mock former world leaders. Fake accounts of former U.S. President George W. Bush and former UK Prime Minister Tony Blair went viral for mocking the U.S. and UK\u2019s involvement in the Iraq War. Representatives of Bush and Blair have yet to respond to the satirical tweets, reports <\/span><a href=\"https:\/\/www.bbc.com\/news\/technology-63599553\"><span style=\"font-weight: 400\">BBC News<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Musk announced Twitter Blue will be re-released on November 29 with new changes to prevent spoof accounts. \u201cWith new release, changing your verified name will cause loss of checkmark until name is confirmed by Twitter\u2019s terms of service,\u201d Musk said. To combat fake companies, Twitter has already brought back the official label. If a verified account intends to be a parody, a subscript labeling the account parody will be added to prevent the spread of false information, reports <\/span><a href=\"https:\/\/www.nytimes.com\/2022\/11\/11\/technology\/twitter-blue-fake-accounts.html\"><span style=\"font-weight: 400\">The New York Times<\/span><\/a><span style=\"font-weight: 400\">. Although Musk has promised to reassess the policy and present a better alternative, misinformation on social media will continue to be a persisting issue.\u00a0<\/span><\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Elon_Musk_Closing_the_2016_Tesla_Annual_Shareholders%27_Meeting_%2827315939721%29.jpg\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\">Steve Jurveston<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Musk announced Twitter Blue will be re-released on November 29 with new changes to prevent spoof accounts. \u201cWith new release, changing your verified name will cause loss of checkmark until name is confirmed by Twitter\u2019s terms of service,\u201d Musk said.<\/p>\n","protected":false},"author":5389,"featured_media":12108,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2425,382,383],"tags":[562,2448,2449],"class_list":["post-12107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-november-2022","category-international-news","category-us","tag-twitter","tag-elon-musk","tag-misinformation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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