Elon Musk aims to increase Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck presented to investors by the world’s richest man. Was.
Advertising under Musk will drop to 45% of total revenue, down from about 90% in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to increase by $10 billion, according to the report.
The newspaper, citing the presentation, reported that the head of electric-vehicle maker Tesla aims to grow Twitter’s cash flow to $3.2 billion in 2025 and $9.4 billion in 2028.
Musk last month struck a deal to buy Twitter for $44 billion in cash, a move that would transfer control of the social media platform populated by millions of users and global leaders to the Tesla chief.
The billionaire has promised to revive the company and expand the number of users by cracking down on spam bots and reducing moderation amounts to facilitate more “free speech”.
After the deal closes, Musk is expected to become the temporary CEO of Twitter, a person familiar with the matter told Reuters on Thursday.
Among his other goals, Musk expects the social media company to bring in $15 million in 2023 from the payments business that will grow to about $1.3 billion by 2028, the NYT said, citing the document.
Musk estimates that he can increase Twitter’s average revenue per user to $30.22 in 2028, up from $24.83 last year. He also expects Twitter to have around 7,500 to 11,072 employees by 2025.
Revenue from Twitter Blue, the company’s premium subscription service, launched last year, is expected to hit 69 million users by 2025, according to a NYT report.
Musk, in a now-deleted tweet last month, suggested changes to the social media giant’s Twitter Blue premium subscription service, including a reduction in its price.
On Thursday, Musk listed a group of high-profile investors who are set to provide $7.14 billion in funding for his Twitter bid, including Oracle co-founder Larry Ellison and Sequoia Capital.
Musk has increased the financing commitment to $27.25 billion, including commitments from 19 investors, and reduced the margin debt tied to his Tesla stock from Morgan Stanley to $6.25 billion. They have already secured a commitment for $13 billion in debt against Twitter shares.
Musk could not be reached for comment. Twitter did not immediately respond to a Reuters request for comment.