Elon Musk intends to quadruple Twitter’s revenue by 2028 :Report

Washington: Elon Musk, the founder of electric vehicle firm Tesla and spaceship manufacturing company SpaceX, plans to quintuple Twitter’s annual income to USD 26.4 billion by 2028, according to media reports on Saturday.

According to the New York Times, Musk’s pitch deck to investors stated that he would quintuple Twitter’s income to USD 26.4 billion by 2028, up from USD 5 billion in 2021.

Elon Musk also plans to reduce Twitter’s reliance on advertising to 45 percent of overall revenue by 2028, estimating that advertising will contribute USD 12 billion in revenue and subscriptions would generate USD 10 billion. According to the proposal, more cash would be made via various industries such as data licensing, tipping, and shopping.

The billionaire also anticipates increasing average revenue per user to USD 30.22 in 2028, hitting 931 million users, having 104 million subscribers for a new unnamed product, dubbed product X, and hiring an extra 3,600 people.

In late April, Musk secured an agreement with Twitter to acquire the social network for USD 54.20 per share in a transaction valued at around USD 44 billion. Musk later stated that he would like to transform Twitter’s position in public discourse since “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”

The billionaire previously stated that he was willing to spend USD 21 billion of his own money to close the deal and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institutions will provide USD 25.5 billion in debt financing, with some USD 12.5 billion secured with Tesla shares.

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