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Elon Musk aims to increase Twitter revenue to $26.4 billion by 2028
Musk signed a deal last month to buy Twitter for $44 billion in cash, giving Tesla Inc boss control of the social media platform, home to millions of users and world leaders. Elon Musk aims to increase Twitter's annua...
Updated: 49 months ago2 min read
Musk will become Twitter's interim CEO once the deal closes, a person familiar with the matter told Reuters on Thursday.
Musk signed a deal last month to buy Twitter for $44 billion in cash, giving Tesla Inc boss control of the social media platform, home to millions of users and world leaders.
Elon Musk aims to increase Twitter's annual revenue to $26.4 billion by 2028, rise from $5 billion last year, the NY Times documented on Friday, citing a presentation by the world's most affluent investor.
According to the report, advertising will drop to 45% of Musk's total revenue, fall by about 90% by 2020, and generate $12 billion in revenue by 2028, while subscriptions will generate another $10 billion.
The head of electric vehicle designer Tesla Inc. also aims to increase Twitter's cash flow to $3.2 billion by 2025 and $9.4 billion by 2028, the paper said, citing its presentation.
The billionaire pledged to revitalize the company and increase the number of users by cracking spambots and reducing the amount of moderation to allow for more "freedom of speech."
Among other things, Musk expects the social media company to raise $15 million from its payments business by 2023, which will grow to about $1.3 billion by 2028, the NYT said.
Musk hopes to increase Twitter's average Twitter revenue from $24.83 last year to $30.22 by 2028. He also expects Twitter to have 11,072 workers by 2025, up from about 7,500.
Musk signed a deal last month to buy Twitter for $44 billion in cash, giving Tesla Inc boss control of the social media platform, home to millions of users and world leaders.
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