Elon Musk's Plan for Verified Twitter Accounts Is to Charge $20 a Month: Report

Taylor Hill/Getty Images; Getty Images Elon Musk

Elon Musk is considering new requirements for verified Twitter users — who may have to pay for those blue checkmarks, according to a report.

The new Twitter CEO, who recently fired three of the social media platform's top executives, has indicated that he aims to restructure the platform's verification system.

The Verge reports that Musk is planning to do this by changing its optional monthly service plan, Twitter Blue.

The $4.99 a month service currently gives users additional add-ons such as a customizable navigation bar and the ability to undo a tweet. Under Musk's new direction, the price would reportedly increase to $19.99 a month and would give verified users 90 days to subscribe or lose their status, which is indicated by the coveted blue checkmarks.

A Twitter rep responded to PEOPLE's request for comment on the change, saying the company had "nothing to share at this time."

On Sunday, however, Musk tweeted that "the whole verification process is being revamped right now."

On Monday, Musk also responded to a poll by Jason Calacanis, which asked Twitter users how much they would pay a month for a blue checkmark.

By Monday evening, with more than 80% of respondents saying that they "wouldn't pay," Musk replied with one word: "Interesting."

According to The Verge, employees working on the project were told on Sunday that they need to meet a deadline of November 7th to launch the feature or they will be fired.

In April, Musk hinted at a desire to update the verification system by tweeting "authenticate all real humans."

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

The same month when Twitter first announced it had "entered into a definitive agreement to be acquired," Musk shared a statement about how he wanted to make the company "better than ever."

"Twitter has tremendous potential," he wrote, "I look forward to working with the company and the community of users to unlock it."