To tackle the issue of fake and parody accounts, Twitter has announced the rollout of a new feature that will allow organizations to verify all the Twitter accounts associated with them. Musk tweeted; “Twitter will enable organizations to identify which other Twitter accounts are actually associated with them.” Although, Musk didn’t elaborate much on the development a user pointed out a known fact saying that Musk slowly reinvent the exact same verification system that he destroyed. To which Musk responded; “Ultimately, I think there is no choice but for Twitter to be the final arbiter.”
Will any user be able to “be” / create an organization? Or will Twitter be the arbiter of what constitutes an organization?
— John Kraus (@johnkrausphotos) November 13, 2022
Operation Against Fake Twitter Accounts
In order to eliminate the fake Twitter accounts, Musk has introduced a blue tick verification system for all users which enables them to get a verified checkmark next to their name after paying $8/month. The move was not welcomed by many advertisers and celebrities hence they boycotted the platform resulting in a huge revenue loss.
It is immoral, dangerous, and highly destructive to our democracy for any advertiser to fund a platform that fuels hate speech, election denialism and conspiracy theories. Until actions are taken to make this a safe space, we call on companies to pause all advertising on Twitter.
— Derrick Johnson (@DerrickNAACP) November 4, 2022
The biggest impact of misinformation can be seen when a fake account of insulin-producing company Elli Lilly, said that it would make insulin-free for everyone. The fake tweet has resulted in the loss of $15 billion in the company’s market capitalization as the stocks fell by 4.37 percent. NAACP President Derrick Johnson said; “It is immoral, dangerous, and highly destructive to our democracy for any advertiser to fund a platform that fuels hate speech, election denialism, and conspiracy theories. Until actions are taken to make this a safe space, we call on companies to pause all advertising on Twitter.”
The New Official Label
Twitter has re-introduced a revamped version of authentication where only authentic personalities or organizations will be getting an official badge to demarcate them from fake accounts. With the current system in place, Twitter’s revenue is constantly dipping due to the advertising exodus as a number of major companies have paused ads in recent days, including GM, Audi, Pfizer, General Mills, Volkswagen, and other big names.