Elon Musk, the founder of electric vehicle firm Tesla and spaceship manufacturing company SpaceX, plans to quintuple Twitter’s annual income to $26.4 billion by 2028, according to media reports on Saturday.
According to Musk’s pitch deck to investors, he plans to double Twitter’s revenue to $26.4 billion by 2028, up from $5 billion in 2021.
Musk also plans to reduce Twitter’s reliance on advertising to 45 percent of overall revenue by 2028, estimating that advertising will contribute $12 billion in revenue and subscriptions would generate $10 billion. According to the proposal, more cash would be made via various industries such as data licencing, tipping, and shopping.
The billionaire also anticipates increasing average revenue per user to $30.22 in 2028, hitting 931 million users, having 104 million subscribers for a new unnamed product, dubbed product X, and hiring an extra 3,600 people.
In late April, Musk secured an agreement with Twitter to acquire the social network for $54.20 per share in a transaction valued at around $44 billion. Musk later stated that he would like to transform Twitter’s position in public discourse since “free speech is the backbone of a functional democracy, and Twitter is the digital town square where things crucial to humanity’s future are argued.”
The billionaire previously stated that he was interested in spending $21 billion from his own money to close the deal, and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institutions could provide $25.5 billion in debt financing, with $12.5 billion of the loan protected with Tesla stock.
