The New York Times reported on Friday that Elon Musk wants to boost the annual Revenue of Twitter to $26.4 billion by 2028, up from $5 billion last year, citing a pitch deck handed to investors by the world’s richest man.
According to the research, advertising will account for 45 percent of overall revenue under Musk, down from approximately 90 percent in 2020, creating $12 billion in revenue in 2028, while memberships will bring in another $10 billion.
According to the publication, the CEO of electric vehicle maker Tesla Inc TSLA.O also wants to boost Twitter’s cash flow to $3.2 billion in 2025 and $9.4 billion in 2028. Last month, Musk agreed to buy Twitter for $44 billion in cash, transferring ownership of the social media network used by millions of people and world leaders to the Tesla Inc TSLA.O CEO.
By cracking down on spam bots and cutting moderating to allow more “free speech,” the billionaire has promised to reinvigorate the firm and increase the number of users. Musk is anticipated to become Twitter’s interim CEO after the acquisition is completed, according to a source familiar with the situation.
Elon Musk believes that Twitter will bring roughly $15 million from a payments business in 2023, which will increase to about $1.3 billion by 2028
It also stated that Musk expects to grow Twitter’s average revenue per user to $30.22 in 2028, up from $24.83 last year. By 2025, he anticipates Twitter to have 11,072 employees, up from roughly 7,500 currently.
According to the New York Times, revenue from Twitter Blue, the company’s premium subscription service established last year, is expected to reach 69 million subscribers by 2025. Musk suggested a number of modifications to the social media giant’s Twitter Blue premium subscription programme, including lowering its price, in a now-deleted post last month.
On Thursday, Musk announced a group of high-profile investors, including Oracle co-founder Larry Ellison and Sequoia Capital, who are willing to invest $7.14 billion in his Twitter bid.
Musk has boosted the financial pledge to $27.25 billion, which includes promises from 19 investors, and has decreased a Morgan Stanley margin loan connected to his Tesla stock to $6.25 billion. He has already secured $13 billion in loan pledges against Twitter shares.
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