Twitter owner Elon Musk has said he axed offering grey ticks and an "Official" label to high-profile accounts within hours of rolling them out because it was "an aesthetic nightmare".

It comes as the platform prepares to start allowing any user to sign up for its blue-tick verification badge by signing up to the firm's Twitter Blue subscription service and paying a monthly fee.

In response to concerns that this would make it harder to identify authentic accounts on the site, as Blue subscribers will not be required to verify who they are, Twitter announced it was adding a second, "Official" badge to select accounts as a way of distinguishing Blue subscribers from those the platform has verified as official.

Some industry commentators argued the new double-verification process would only make the system more confusing.

The platform was responsive to the criticism, rolling back on the move just hours after the new grey Official badge had begun to appear on a number of high-profile accounts, including those for major news organisations and public figures.

Mr Musk defended the decision during a live "Town Hall" discussion with advertisers today.

Speaking via the platform's Twitter Spaces feature, which allows users to join in on live audio discussions, the Twitter boss said that the Official system was "an aesthetic nightmare".

"The problem with Official is that, apart from it being an aesthetic nightmare when looking at the Twitter feed, is that it was simply another way of creating a two-class system," he said.

"Therefore, it wasn't addressing the core problem (that) there are too many entities that would be considered official or have sort of legacy blue check marks."

Instead, Mr Musk said that they would be "extremely vigorous" about eliminating deception.

"But I go back to what I said earlier, which is that we're going to be extremely vigorous about eliminating deception," he said.

"So if someone tries to impersonate a brand, that account will be suspended, and we will keep their eight dollars.

"And they can keep doing that, and we will just keep their eight dollars again, and again - great - we can do it all day long, they will stop.

"So the key point here is if an account is engaged in trickery, we will suspend it.

"They will try, of course, they will try.

"But it starts to get expensive, and they will start to need a lot of credit cards and a lot of phones - and eventually they will stop paying."

The changes to the verification system have been a central part of Mr Musk's plans since the billionaire completed his takeover of the site last month.

Mr Musk said opening the verification process up to more people will help democratise Twitter and cut down on the spam and bot accounts on the site.

However, critics have argued charging people to get a blue badge and the other perks that come with it - including verified replies appearing more prominently - will only help those who are able to pay for it and not the platform's authentic users as a whole.

The introduction of the $8 monthly fee for Twitter Blue is also part of Mr Musk's efforts to create new revenue streams for Twitter.

The platform is currently almost entirely dependent on money from advertising - an income stream already shrinking because of the global economic downturn.

There have also been reports advertisers could withdraw from the site if Mr Musk enacts some of his other controversial plans for Twitter, including allowing banned accounts such as that of Donald Trump to return.

Elon Musk unloaded 19.5 million Tesla shares between Friday and Tuesday

Meanwhile, Mr Musk has sold $3.95 billion worth of shares in the electric-vehicle maker Tesla, regulatory filings showed, days after he closed the $44-billion deal for Twitter.

The latest sale brings total Tesla stocks sold by Mr Musk to about $36 billion since November last year.

This leaves him with a roughly 14% stake in the world's most valuable automaker, according to a Reuters calculation.

Mr Musk unloaded 19.5 million shares between Friday and Tuesday, filings published by the US Securities and Exchange Commission showed last night.

Analysts had widely expected Musk to sell more Tesla shares to finance the Twitter deal even though the world's richest man had asserted several times that he was done selling Tesla stock.

He sold $6.9 billion worth of Tesla shares in August and had amassed about $20 billion in cash through multiple stake sales from November last year to August.

This would have left him in need to raise an additional $2 billion to $3 billion to finance the Twitter deal, according to a Reuters calculation.

The billionaire last month closed the deal with $13 billion in loans from banks and a $33.5 billion equity commitment, which included his 9.6% Twitter stake worth $4 billion and $7.1 billion from investors including Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal.

Tesla has lost nearly half its market value ever since Musk bid for Twitter in April.

Additional reporting Reuters