Billionaire owner of X Elon Musk has announced two new tiers for the platform's premium subscription service.

“Two new tiers of X Premium subscriptions launching soon,” he wrote on X. “One is lower cost with all features, but no reduction in ads, and the other is more expensive, but has no ads.”

Earlier this year, Musk said the value of X stood at $20 billion, less than half of what he paid for the platform, then known as Twitter, back in 2022.

In efforts to shore up the company’s finances, Musk introduced a paid subscription tier for public figures to verify their identities which was previously free or charge.

This worsened an already prevalent issue of fraudulent accounts on the platform, with pharmaceutical company Eli Lilly seeing its share price plummet after an impersonator joked that the company was going to make insulin free for Americans.

X later made a U-turn on this plan and reinstated blue verification badges free of charge for celebrities with over one million followers, while more recently adding a requirement for Verified subscribers to submit government issued ID to prove their identity.

In September, Musk suggested users may have to pay for use of the platform in a future update.

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