He, undoubtedly, overpaid for Twitter. Also, the blue-check allows key users to distinguish themselves and is one major reason that "notable" people are using Twitter for essentially all their communications. Elon's plan to diminish the blue-check by giving it to anyone who has verified themselves by buying Twitter Blue would be very destructive and hurt Twitter's moat.
-- Edit --
Actually, disregard the blue-check comment. I oversold it. A blue-check is actually not that important.
-- Edit --
Actually, disregard the blue-check comment. I oversold it. A blue-check is actually not that important.