According to the New York Times, Elon Musk wants to grow Twitter‘s annual revenue to $26.4 billion by 2028, up from $5 billion last year, according to a pitch deck provided to investors by the world’s richest man.
According to the report, advertising will account for 45% 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 article, the CEO of Tesla Inc. wants to boost Twitter’s cash flow to $3.2 billion in 2025 and $9.4 billion in 2028, according to the report.
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. CEO.
By cracking down on spam bots and cutting moderating to allow more “free speech,” the billionaire has promised to renew the company and increase the number of users.
Musk is poised to become Twitter’s new CEO after the acquisition is completed, according to a source familiar with the situation.
According to the New York Times, Musk expects the social media company to 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 wants 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 launched 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 program, 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 boosted his financial pledge to $27.25 billion, which includes promises from 19 investors and cut a margin loan from Morgan Stanley connected to his Tesla stock to $6.25 billion. He has already secured $13 billion in loan pledges against Twitter shares.