Elon Musk aims to boost Twitter’s (TWTR.N) annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported Friday, citing a presentation by the man. richest in the world to investors.
Advertising will fall to 45% of total revenue under Musk, down from 90% in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to bring in another $10 billion, according to the report.
The head of electric vehicle maker Tesla Inc (TSLA.O) also aims to boost Twitter’s cash flow to $3.2 billion by 2025 and $9.4 billion by 2028, the newspaper reported, citing the filing.
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Musk closed a deal last month to buy Twitter for $44 billion in cash, in a move that will shift control of the social media platform populated by millions of users and global leaders to the head of Tesla Inc (TSLA.O).
The billionaire promised to reinvigorate the company and expand the number of users by cracking down on spam bots and reducing the amount of moderation to facilitate greater “freedom of expression.”
After the deal closes, Musk is expected to become Twitter’s temporary CEO, a person familiar with the matter told Reuters on Thursday.
Among his other goals, Musk expects the social media company to generate $15 million from a payments business in 2023 that will grow to around $1.3 billion by 2028, according to the document cited by the NYT.
Musk anticipates that he can increase Twitter’s average revenue per user to $30.22 in 2028 from $24.83 last year, he added. He also expects Twitter to have 11,072 employees by 2025, up from 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 reported.
Musk, in a now-deleted tweet last month, suggested a number of changes to the social media giant’s premium subscription service Twitter Blue, including lowering its price.
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On Thursday, Musk listed a group of high-profile investors ready to provide $7.14 billion in funding for his Twitter offering, including Oracle co-founder Larry Ellison and Sequoia Capital.
Musk has increased the funding commitment to $27.25 billion, which includes commitments from 19 investors, and reduced a Morgan Stanley margin loan tied to his Tesla shares to $6.25 billion. He has already secured $13 billion in loan commitments against Twitter stock.
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Musk could not be reached for comment. Twitter did not immediately respond to a Reuters request for comment.