This will be the second time Twitter launches a paid verification after the first attempt went horribly wrong after users impersonated companies and celebrities, including Lebron James, Former President George W. Bush and Musk himself.

One account impersonating the pharmaceutical giant Eli Lilly and Co. tweeted that insulin was free, causing the company's stock to take a nose dive.

This time, Musk says, all accounts will be manually verified and color coded for different entities.

"Gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates," he explained in a Twitter thread.