Twitter’s new owner Elon Musk announced that people will have to pay $ 8 per month for the verified blue tick on the microblogging site.

Musk said that the price will be adjusted by country proportionate to purchasing power parity, added that verified Twitter users will also get priority in replies, mentions & searches, which is essential to defeat spam/scam. They will also be able to post long video and audio and will see half as many advertisements.

The billionaire had earlier defended the price increase by saying, “We need to pay bills somehow, referring to the business model at Twitter and his plans to increase its revenue."

Last week, Musk’s takeover of the social media company for $ 44 billion concluded a months-long saga. He has dissolved Twitter’s board of directors after his takeover of the company, according to a US Securities and Exchange Commission (SEC) filing.

It confirms that instead of joining Twitter’s board of directors, Elon Musk is now their sole replacement. As a result of the consummation of the Merger, Musk became the sole director of Twitter, according to reports.

Additionally, in accordance with the terms of the Merger Agreement, effective as of the effective time of the Merger, the following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou.

Reports say that all previous members of Twitter’s board, including recently ousted CEO Agrawal and Chairman Taylor, are no longer directors in accordance with the terms of the merger agreement.

Musk took over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Agrawal, Chief Financial Officer Ned Segal, the company’s policy chief Vijaya Gadde and others.

Listing the perks, Musk says there will be a paywall bypass for publishers willing to work with Twitter. The new measures will also give Twitter a revenue stream to reward content creators.