Picture: CNBC

Elon Musk has announced to launch Gold, Grey and Blue Verification Ticks on Twitter starting Friday next week. He called it a “painful, but necessary” step.

The Twitter CEO further said that verification of all accounts will now be done manually.

Musk said on Twitter, “Gold check for companies, grey check for governments, blue for individuals (celebrities or not). Painful, but necessary.”

He added, “Individuals can have a secondary tiny logo to show they belong to an organization if verified as such by that organization.”

He further said that more explanation about the verified accounts will be revealed next week. Previously, Twitter rolled out its $8 Blue Tick verification plan, but it backfired badly due to a number of increased fake accounts causing damages to the real businesses. The plan is expected to relaunch on the 29th of this month.

In the past, the blue tick was allocated to the genuine accounts of celebrities, politicians, journalists, and other public figures.

Elon Musk has also announced that an “amnesty” will be provided to the suspended Twitter accounts for hate speech, harassment, and misinformation.

He also conducted a poll on Twitter asking his 118 million followers about the reinstatements of accounts that are not against the laws and are not engaged in any egregious spam. 72% voters responded “YES” to this poll.

Reports suggest that all these are money-making strategies because Elon Musk wants to make money from his newly bought venture.

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