Following the chaos brought about by Elon Musk's $8 a month verification plan, the new Twitter chief announces that another verification update will roll out for organizations soon.
In a tweet on Sunday, the CEO announced that the social media network is rolling out a new feature that will let organizations identify accounts related to them, Wion reports.
Musk Claims That They Are Working On Other Ways To Authenticate Users
After the verification subscription plan the billionaire wanted to implement on Twitter drew criticisms from users, the company was overrun by trolls impersonating brands and celebrities.
The trolls quickly spread misinformation with their acquired checkmarks, posting unflattering or offensive messages as officially verified personalities, companies, and politicians.
With this, businesses and advertisers raise concern, including the pharmaceutical company Eli Lilly, whose stock dropped by 4.37% on Friday.
According to Engadget, a fake "verified" account posing as Eli Lilly announced that the company was making insulin free for customers, erasing about 15 billion of their market cap.
The tweet was posted for several hours before it was deleted, and the real Eli Lilly account immediately tweeted an apology for the misleading message on the fake account.
CNBC says that false messages from accounts posing as other pharmaceutical companies were also tweeted on the platform.
An impersonator also parodied Musk's Tesla, using its paid verification badge to write a series of disparaging tweets spreading false information.
Because of this, Musk resigns to the fact that Twitter can not exist without content moderation, saying that the company needs to be the final arbiter of content on the platform.
It can be remembered that early in his tenure as Twitter's new owner, the free speech "absolutist" said that he wanted very little content moderation, but now claims that he is open to suggestions.
Read More: Elon Musk Reveals More Details on Possible Banking Services via Twitter
Twitter Pauses Twitter Blue Due To Recent Events
Engadget writes that this indecisiveness and impulsive approach has led advertisers to leave the company as it drops in revenue significantly.
Because of this, the social networking site has since paused the option to sign up for verification subscriptions through Twitter Blue.
The rollback of the verification subscription came when Twitter's chief lawyer announced that Musk is currently prioritizing following laws and terms of operations set by the Fair Trade Commission (FTC).
Attorney Alex Spiro tells CNBC that they paused the verification subscription plan to avoid any problems the surge of trolls on the platform may cause.
"I cannot emphasize enough that Twitter will do whatever it takes to adhere to both the letter an.d spirit of the FTC consent decree," Musk writes in an email.
In another email, Spiro added that the FTC will have its first compliance check with Twitter soon.
If not moderated by the social network, Twitter will be held liable for all the defamatory, offensive, and libelous information posted by users on their platform.
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