Elon Musk has floated a new $8 Twitter Blue subscription (Picture: Reuters)

Twitter’s new CEO Elon Musk has announced a new $8 per month Twitter Blue subscription that includes a verification feature.

Musk on Tuesday ripped the existing verified accounts system and explained his new model.

‘Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bulls***,’ tweeted Musk. ‘Power to the people! Blue for $8/month.’

Musk continued that the $8 price would be ‘adjusted by country proportionate to purchasing power parity’.

Elon Musk unveiled the new Twitter Blue subscription in a thread of tweets on Tuesday (Picture: Twitter)

New Twitter Blue subscribers will also get ‘priority in replies, mentions & search, which is essential to defeat spam/scam’, ‘ability to post long video & audio’ and ‘half as many ads’, according to Musk.

Musk added that publishers willing to work with Twitter can access a paywall bypass.

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Elon Musk said that ‘Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bulls***’.