Mr. Musk said that it was “necessary to beat spam/scam” as part of the reforms that were implemented after the $44 billion (£38 billion) buyout of the social networking site.
A blue tick mark next to a username indicates that the person is now free. This is often reserved for prominent individuals.
Critics are concerned that the change would make it more difficult to identify trustworthy sources.
Mr. Musk, who is now the wealthiest person in the world, also said that paying customers will be given precedence in searches and responses, in addition to having half as many adverts.
The billionaire criticised the previous technique of blue tick verification as a “lords and peasants system” on Twitter, saying “Power to the people! Blue for $8/month.”
However, Nu Wexler, who formerly served as Twitter’s Head of Global Policy Communications, expressed concern that the implementation of a cost for blue ticks may make it more difficult to identify false material.
The previous technique for confirming users on Twitter in order to get a blue tick consisted of filling out a brief online application form. This approach was reserved for those whose identities were likely to be impersonated, such as public figures, celebrities, and journalists.
After being accused of not taking enough measures to prevent the creation of impostor accounts in a legal proceeding, the corporation in 2009 decided to implement the system in question.
However, Mr. Musk is working hard to turn Twitter’s company around, which has not shown a profit in many years. This is a significant obstacle for him to overcome.
Even while some businesses have been worried about advertising on the site under his leadership, he has said that one of his goals for Twitter is to lessen the company’s dependency on advertisements.
Last week, General Motors, which is in direct competition with Elon Musk’s electric vehicle firm Tesla, said that it will stop advertising on the site.
A media buyer for a large advertising business revealed to the BBC that several other significant companies have discreetly placed a temporary stop to advertising on the platform as they watch how Mr. Musk’s changes play out. In the meanwhile, these firms are waiting to see how Mr. Musk’s plans play out.
IPG, one of the largest advertising agencies in the world, urged its customers on Monday to pause their advertisements on Twitter for a week, citing a need for greater clarification on the measures Twitter has to assure “trust and safety” on the site. IPG’s clients followed IPG’s advice. IPG is trusted by some of the most well-known companies in the world to manage the marketing budgets for which they provide it with billions of pounds each year.
Following initial reports that suggested the premium for blue tick rights may be as high as $20 (£18), many exhibited a healthy amount of scepticism over the proposed fee.
Many users on the network agreed with the sentiment expressed by novelist Stephen King, who, in reaction to rumours of upcoming alterations, tweeted that Twitter “should pay me.”
In a letter to Mr. King, Mr. Musk expressed his concern that “we need to pay the bills somehow!”