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 90% in 2020, bringing in $ 12 billion in revenue in 2028, while subscriptions are expected to raise another $ 10 billion.
The social media company will bring in $ 15 million from the payment business in 2023, according to the NYT, which will grow to about $ 1.3 billion by 2028.
Last month, Musk struck a deal to buy Twitter for $ 44 billion in cash, which would transfer control of the social networking platform, populated by millions of users and world leaders, to the head of Tesla Inc.
Musk is expected to become interim CEO of Twitter after closing the takeover, a person familiar with the issue told Reuters on Thursday as the billionaire seeks to engage investors in the deal.
Twitter subscription revenue is expected to reach $ 69 million by 2025, according to the NYT.
Mask could not be reached for comment.
Twitter did not immediately respond to a Reuters request for comment.
The newspaper reported that Musk believes he could increase the average Twitter revenue per user to $ 30.22 in 2028 from $ 24.83 last year.