The move led multiple international companies to suffer losses due to imposter accounts spreading misinformation
Two days after its launch, Twitter has decided to suspend the $8 subscription program for its verification badge. The move triggered a lot of imposter accounts emulating major brands, reports say.
Tech news website Platformer reports that existing subscribers will continue to access their accounts.
The imposter account situation has caused significant losses to major international companies as of yet. An imposter account for weapons company Lockheed Martin tweeted that the company will revoke sales in some middle eastern countries as well as the United States, alleging human rights violations. This led to a significant drop in their shares in the market, causing billions in losses.
Another example of misinformation on the platform happened when an imposter account for Pharma company Eli Lilly tweeted that the company will be providing free insulin. This triggered responses from US Senator as well as Twitter CEO Elon Musk. The company had to issue an apology later. Numerous other examples of brand impersonation also surfaced throughout the day.
Musk later tweeted out that all accounts engaged in parody must include "parody" in their name. He informs that the company will be adding a parody subscript to such accounts to combat misinformation.
Further, Twitter Support tweeted, "To combat impersonation, we've added an 'Official' label to some accounts."