Elon Musk Wants to Quintuple Twitter’s Revenue by 2028
Media say that American billionaire Elon Musk, the founder of electric car company Tesla and spacecraft company SpaceX, wants to quadruple Twitter’s annual revenue to $26.4 billion by 2028, which would be a huge increase.
By 2028, Twitter’s revenue will be worth $26.4 billion, up from $5 billion in 2021. Musk said this in a pitch deck he gave to investors.
As part of his plan, Musk wants to cut Twitter’s reliance on advertising to 45 percent of its total revenue. In 2028, he says, advertising will bring in $12 billion, and subscriptions will bring in $10 billion. According to the document, other businesses would make money from things like data licensing, tips, and shopping.
It will also reach 931 million users, have 104 million subscribers for a new unannounced product called “Product X,” and hire an extra 3,600 people by 2028, says the billionaire.
It was late in April when Musk and Twitter reached an agreement on a deal to buy the social network for about $44 billion. Musk agreed to pay about $ 54.20 per share for each Twitter share. Following this, Musk said that he would like to change how Twitter is used in public debate because “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where important issues for the future of humanity are debated.”
Earlier, the billionaire said he was willing to put his own money into the deal. Morgan Stanley Senior Funding, Bank of America, Barclays, and other institutions will provide debt financing of about $25.5 billion. Some of that money will be secured by Tesla shares, and about $12.5 billion of that money will be used to pay off some of the debt.
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