Mr. Musk claimed it was “necessary to beat scams” as part of the reforms made after a $44 billion (£38 billion) buyout of the social media platform.
A blue check mark next to a username, which is often reserved for well-known people, is presently free.
Critics claim that the change may make it more difficult to locate trustworthy sources.
The richest man in the world, Mr. Musk, noted that premium customers would receive preferential treatment in replies and searches, as well as half as many adverts.
The billionaire tweeted, “Power to the people! Blue for $8/month,” denouncing the outdated blue tick authentication process as a “lords and peasants system.”
For those whose identities were targets for impersonation, such as artists, leaders, and reporters, Twitter’s previous method of confirming users for a blue tick involved a brief online registration form.
The mechanism was put in place by the business in 2009, following a lawsuit charging it of not doing enough to stop fake accounts.
But as he seeks to revamp Twitter’s business, which hasn’t made a profit in years, Mr. Musk is up against a significant challenge.
Even while some businesses have grown anxious about marketing on the site under his leadership, he has stated that he intends to lessen Twitter’s dependency on advertisements.
General Motors, a competitor of Elon Musk’s Tesla electric car startup, announced last week that it will stop running ads on the website.
According to a media buyer for a top advertising agency, some other well-known companies have temporarily stopped running advertisements on the platform in a more covert manner while they wait to see how Mr. Musk’s reforms turn out.
IPG, one of the largest advertising agencies in the world, asked its customers to halt Twitter advertisements on Monday in order to gain more clarification about Twitter’s efforts to ensure “trust and safety” on the network. Some of the biggest corporations in the world send IPG billions of pounds each year to manage their marketing budgets.
Initial suggestions that the fee for blue tick rights could be $20 (£18) per month caused scepticism about the fee.
Many users of the platform agreed with the author Stephen King, who responded to news of the changes by writing that Twitter “should pay me.”
In a letter to Mr. King, Mr. Musk stated, “We need to pay the bills somehow!”