Musk, 51, has been pitching his idea for a blue check fee since he bought the company and said it will end the current 'lords and peasants' system 

The 'badges' could go live as soon as Monday, Bloomberg reported, with current blue check holders receiving a 'grace period' of multiple months 

In addition, by the end of this week, Musk plans to eliminate about 3,700 employees and end Twitter's 'work from anywhere' policy 

Musk had wavered throughout his attempt to buy Twitter on how many position he would eliminate

The 3,700 cuts would amount to about half the staff and would see them follow out five high-level executives who have resigned in the past week