Elon Musk is aiming 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 by the world’s richest man to investors.
Advertising will fall to 45 percent of total revenue under Musk, down from about 90 percent in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion, according to the NYT report, Reuters said.
The head of electric-vehicle maker Tesla Inc. also aims to increase Twitter’s cash flow to $3.2 billion in 2025 and $9.4 billion in 2028, the newspaper reported, citing the presentation.
Musk clinched 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 Tesla Inc. chief.
The billionaire has promised to revitalize the company and expand the number of users by cracking down on spam bots and reducing the amount of moderation to facilitate more “free speech”.
After the closure of the deal, 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 bring in $15 million from a payments business in 2023 that will grow to about $1.3 billion by 2028, the NYT cited the document as saying.
Musk anticipates he can increase Twitter’s average revenue per user to $30.22 in 2028 from $24.83 last year, it added. He also expects Twitter to have 11,072 employees by 2025, up from around 7,500.