'Power to the People': Elon Musk reveals plans for paid Twitter premium subscription service

Entrepreneur and new Twitter CEO Elon Musk has announced plans for a paid Twitter premium subscription service.

The world's richest man has said that the package, which will cost $8 (€8.08) a month, will verify users, boost the visibility of their posts and allow them to see fewer advertisements.

At present, only high-profile celebrities, politicians and journalists are given a blue 'tick' next to their username for free.

Musk's announcement follows after he officially took over the company last week, following a highly publicised legal battle, and fired the entire board of the social media giant, leaving only himself as the board's sole member at present.

Commenting on the planned changes, the South African-born businessman said: "Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bulls**t."

He added: "Power to the people!"

According to The Irish Times, Musk had ordered staff to work '24/7' to deliver on his new vision for Twitter verification, and one source said several pricing options had been discussed in the past, including $9.99 and $14.99 a month.

Earlier in April, Musk has emphasized that he will allow for less stringent rules over what people can say on the platform.

The following month, he announced that he would repeal the permanent ban on former President Donald Trump's account, after the former president was banned from the site a short while after the infamous January 6, 2021 raid on the US Capitol.