US$ 15 Billion. That's the amount Pharma giant Eli Lilly lost in market cap yesterday.
Because someone paid $8 to get a Twitter Blue verified account impersonating the company and tweeted :
"we are excited to announce insulin is free now"
Shares of other top insulin players also suffered.
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But this post is not about insulin or Eli Lilly or Pharma industry. Not even about how irrational share markets could be.
This post is just to remind ourselves once again that we are living in very interesting times.
This instance is just a glimpse of what happens when:
- The Global digital town square is a private property. Aren't town squares supposed to be public property?
- When you can easily 'buy' credibility and a voice in the town square by paying $8
- When the richest and supposedly the smartest person in the global village (err..town) can dictate the rules of engagement at the town sqaure on his whims
- When you overnite fire half the people maintaining the town square without even fully understanding its plumbing, lighting, or landscaping
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For now, #twitter has suspended Twitter Blue.
But whoever said a genius can unilaterally make quick decisions discarding all institutional expertise and experience, please know:
Such geniuses and their decisions have consequences that go far beyond them.
#decisionmaking #leadership #layoffs #twitterblue