Elon Musk is looking to increase Twitter’s annual revenue to $ 26.4 billion by 2028 from $ 5 billion last year, the New York Times reported on Friday, citing a deck presented to investors by the world’s richest man.
According to the report, advertising will fall to 45% of total revenue compared to about 90% in 2020, bringing in $ 12 billion in revenue in 2028, while subscriptions are expected to raise another $ 10 billion.
The head of electric vehicle maker Tesla Inc is also looking to increase Twitter’s cash flow to $ 3.2 billion in 2025 and $ 9.4 billion in 2028, the newspaper reported, citing a presentation.
Last month, Musk struck a deal to buy Twitter for $ 44 billion in cash, leading to the transfer of control of the social media platform, populated by millions of users and world leaders, to the head of Tesla Inc.
The billionaire has promised to revive the campaign and expand the number of users by combating spam bots and reducing the amount of moderation to promote more “freedom of speech”.
Musk is expected to become interim CEO of Twitter after the deal closes, a person familiar with the matter told Reuters on Thursday.
Among other goals, Musk expects the social networking company to bring in $ 15 million from the payment business in 2023, which will grow to about $ 1.3 billion by 2028, the NYT reported, citing the document.
Musk suggests he could increase Twitter’s average revenue per user to $ 30.22 in 2028 from $ 24.83 last year. He also expects that by 2025 Twitter will have 11,072 employees out of about 7,500.
Revenue from Twitter Blue, the company’s premium subscription service, launched last year, is expected to have 69 million users by 2025, the NYT reports.
Last month, Musk on a remote tweet suggested a number of changes to the giant Blue’s premium Twitter social networking service, including cost reductions.
On Thursday, Musk listed a group of high-profile investors willing to allocate $ 7.14 billion in funding to his Twitter application, including Oracle co-founder Larry Allison and Sequoia Capital.
Musk increased its financing commitments to $ 27.25 billion, which includes commitments from 19 investors, and reduced the margin loan from Morgan Stanley tied to its Tesla shares to $ 6.25 billion. It has already secured $ 13 billion in loan commitments under Twitter shares.
Mask could not be reached for comment. Twitter did not immediately respond to a Reuters request for comment.