(PresidentialHill.com)- Elon Musk, the new CEO of Twitter Inc., announced on Tuesday that the social media network would charge $8 per month for its Blue Checkmark service, which comes with the coveted “verified” badge. Musk wants to increase subscriptions and reduce the social media network’s reliance on advertisements.
Musk wrote in a tweet that it’s Bullsh*t, the current Twitter “lords & peasants” mechanism for determining who has or doesn’t have a blue checkmark.
“Power to the people! Blue for $8/month,” Musk wrote in a tweet.
He also noted that the cost would vary by “country commensurate to buying power parity.
On the social media site, a blue check mark next to a user name indicates that Twitter has verified that the account belongs to the individual or business claiming it. Most users of Twitter currently enjoy its free service.
Twitter was just purchased by billionaire Musk for $44 billion.
Since taking over, he has taken swift action to instill his vision for the business, dismissing the previous CEO and other key figures.
As extra confusion for advertisers, Twitter’s head of advertising, Sarah Personette, posted on Tuesday that she had left her position last week.
Musk stated on Tuesday that users with a blue check mark will get priority in replies, mentions, and search results and will be allowed to submit lengthier films and audio files. They would see half as many advertisements.
He also provided users with paywalls from “publishers eager to collaborate with us.”
Following media allegations that he was investigating the profile verification procedure and how the blue checkmarks were granted, Musk made the following remarks. Twitter previously awarded these to notable profiles based on its standards.
In a recent survey, more than 80% of Twitter users who participated claimed they would not pay for the checkmark. 10% answered they would be prepared to pay $5 each month.
In June of last year, Twitter Blue, a membership service, was introduced and gave users access to capabilities, including the ability to modify tweets.
Best-selling author Stephen King wrote, “If that gets implemented, I’m gone like Enron,” amid rumors that Twitter may soon begin charging verified users a $20 monthly charge for blue ticks.
Separately, Twitter’s credit rating was reduced by S&P Global Ratings to B- due to the acquisition-related “substantial” debt rise.