Elon Musk said on Monday he will become chief executive of Twitter, the social media company he recently bought for $44 billion, Reuters reported.

The decision comes after Musk, who also runs Tesla and SpaceX, fired Twitter CEO Parag Agrawal and other senior executives at the company last week.

Musk also changed his Twitter bio to “Chief Twit” to celebrate the move.

Musk’s $44 billion takeover of the social media company last week ended a months-long saga.

More expensive subscriptions

Elon Musk is planning massive layoffs among Twitter’s 7,500 employees and has another plan to increase profits: introducing a monthly subscription of $20 for those who want that coveted blue checkmark to verify their identity on the network, sources told The Verge.

Twitter now has a subscription-based service called Twitter Blue for $4.99. US per month, and paid users have more customization options. Twitter ID verification is currently free, a blue checkmark next to a profile name that shows that the person has been verified and that the person is who they say they are, so you’re not dealing with a fake profile.

The identity verification procedure is not easy, but it is currently free.

Well, given that Twitter has posted losses over the last eight fiscal years, Musk is looking for revenue streams, and one of those will be through a Twitter Blue subscription that could cost $19.99 a month for those who want blue identity. check mark.

Sources say the new management has engaged a team of employees by Nov. 7 to develop this subscription option that will make receiving verification free. Sources say Elon Musk has threatened to fire employees if they don’t meet the deadline.