Elon Musk wants to boost Twitter (TWTR.N) annual revenue to $26.4 billion by 2028, up from $5 billion last year, citing a presentation deck handed to investors by the world’s richest man.
According to the research, advertising will account for 45 percent of overall income 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 car 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.
Musk agreed to acquire Twitter for $44 billion in cash last month, handing over control of the social media network used by millions of people and world leaders to the Tesla Inc CEO.
By cracking down on spambots and cutting moderating to allow more free expression, the billionaire has pledged to reinvigorate the firm and increase the number of users.
Musk will temporarily head Twitter
A source familiar with the subject said on Thursday that Elon Musk is set to become Twitter’s interim CEO after finalizing his $44 billion buyouts of the social media company, as the billionaire moves closer to collecting money for the transaction.
Prince Alwaleed bin Talal, a Saudi Arabian investor who had earlier claimed that the selling price was inadequate for him to sell his shares, decided to roll his $1.89 billion investment into the purchase since Musk would be a wonderful leader for Twitter.
According to the reports, Musk anticipates the social media firm to pull roughly $15 million from a payments business in 2023, which will increase to around $1.3 billion by 2028.
It also stated that Musk expects to grow Twitter’s average income 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 membership service established last year, is anticipated to reach 69 million subscribers by 2025.
Musk suggests a membership to Twitter Blue
Musk recommended a number of modifications to the social media giant’s Twitter Blue premium membership program, including lowering its price, in a now-deleted post last month.
Elon Musk claimed on Thursday that a group of high-profile investors, notably Larry Ellison, the co-founder of Oracle, and Sequoia Capital, are ready to spend $7.14 billion in his Twitter offering.
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 obtained $13 billion in loan pledges against Twitter shares.