Africa-Press – Cape verde. American billionaire Elon Musk, the founder of electric car-making company Tesla and spacecraft manufacturing company SpaceX, intends to quintuple Twitter’s annual revenue to $26.4 billion by 2028, media reported on Saturday.
The New York Times cited Musk’s pitch deck presented to investors as saying that he would quintuple Twitter’s revenue to $26.4 billion by 2028, up from $5 billion in 2021.
Musk also intends to cut Twitter’s reliance on advertising to 45% of total revenue, saying that in 2028 advertising would generate $12 billion in revenue and subscriptions some $10 billion. Other revenue would be generated from different businesses, such as data licensing, tipping, and shopping, according to the document.
The billionaire also expects to increase average revenue per user to $30.22 in 2028, reach 931 million users, have 104 million subscribers for a new unannounced product, which Musk called product X, and hire additional 3,600 employees.
Musk reached an agreement with Twitter on the acquisition of the social network for $54.20 per share in a transaction valued at approximately $44 billion in late April. Musk later said that he would like to revolutionize Twitter’s role in public debate as “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 said earlier that he was ready to spend $21 billion of his own funds to seal the deal, and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institution will provide $25.5 billion in debt financing, with some $12.5 billion to of the loan to be secured with Tesla shares.
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