Mildrid, 88, used the social media site to keep tabs on her favourite celebrities, including singers Sir Tom Jones and Olly Murs.
The retired school caretaker told SundayStar.co.uk that they weren’t aware of the SpaceX founder's new "Twitter Blue" subscription.
Users paying the £11 per month fee have access to the coveted blue checkmark, the same used to signify if an account belonged to a celebrity.
Last month, Peterborough native Mildrid received a message from an account promising to "double her investment".
Thinking the account was "trustworthy" and that it "belonged to someone famous", Mildred handed over more than £500 using PayPal.
She told SundayStar.co.uk: "I know how to use [PayPal] as it's the same application I use to buy anything I've won on eBay.
"The verified gentlemen insisted that I would double my money, so I sent it over as 'friends or family' because that's what he told me to do."
Mildred explained that she had hoped to spend her new-found fortune on some "proper Christmas presents" for her three grandchildren.
She added: "As soon as I told the man, or woman – who knows, that I had paid the money into their account, I was removed – blocked.
"If it wasn't for the blue tick I would have never trusted them – my son has since told me that Elon Musk had given them to everyone.
"It's now pointless and meaningless, some of my favourite celebrities don't even have one anymore, it's really ruined Twitter."
When approached by SundayStar.co.uk for comment, Elon's company sent back a small poop emoji – something he added to Twitter.
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