Elon Musk intends to begin charging for Twitter’s blue mark of approval as soon as next week, as per media reports, as the billionaire’s closely-watched plans for the social media giant quickly take shape.

Musk is intending to launch his $8 subscription service for clients who want to acquire or keep the check mark from Monday, The New York Times and Bloomberg provided details regarding Thursday, refering to internal documents and individuals acquainted with the matter, respectively.

The Tesla CEO’s plans come as the billionaire looks to support revenues and take action against spam accounts subsequent to finishing his $44bn purchase of the platform a week ago.

Regardless of its influential place in politics and journalism, Twitter, which launched in 2006, has rarely turned a profit and revealed a net loss of $270m in the second quarter of this current year.

Under Twitter’s current system, popular clients and accounts viewed as of public interest can apply for a check mark to verify their identity free of charge.

Initially acquainted with keep accounts from mimicking public figures, the check mark has come to be seen as a status symbol and, to critics, a mark of liberal elitism.

Under Musk’s planned update, clients would at this point not be expected to verify their character, as indicated by the New York Times.

The progressions will be at first presented in the US, Canada, Australia and New Zealand, and existing clients will have a break period to buy in or lose their check mark, the paper said.

In a series of tweets on Tuesday, Musk depicted the current verification method for high-profile accounts as “bullsh*t” and a “lords and peasants system”.

“Power to the people! Blue for $8/month,” Musk tweeted.

Musk is likewise intending to cut as numerous as half of the San Francisco-based organization’s 7,500 workers, as indicated by reports by Bloomberg and The Verge.

Musk’s takeover of the platform has become a lightning rod for the heated debate on free speech, misinformation and online hate in the social media age.

Musk, a self-described “free-speech absolutist”, has criticised Twitter’s moderation policies and blamed the organization for favouring left-wing views.

While pundits have communicated fears that Musk’s ownership of the platform could prepare to additional hate speech and misinformation, numerous conservatives have invited the takeover as a remedy to Big Tech censorship of politically incorrect speech.

Musk, who has given himself a role as a political moderate, has discussed the requirement for a “common digital town square” that permits a diversity of views while insisting he doesn’t incline toward a “free-for-all hellscape”.

Notwithstanding Musk’s reassurances, big brands, including General Motors, General Mills and Audi have stopped their advertising on the platform as they look for clarity on its direction under its new owner.

Twitter produces in excess of 90% of its revenue from advertising, which rounded up $4.5bn last year. Musk has said he wants to reduce the organization’s dependence on advertisers.