Source: Zee News India
Reports specify how Tesla CEO Elon Musk is targeting to increase Twitter Inc’s annual revenue to $26.4 billion by the year 2028. The increase would be up from last year’s $5 billion showcasing a pitch deck put forward by the billionaire CEO to the investors. These reports specify how advertising would drop to 45% from 90% in 2020 of the entire revenue. Resultantly, this would generate $12 billion in revenue by 2028, with subscriptions expected to contribute another $10 billion.
The world’s richest person additionally hopes to increase the social media company’s cash flow to $3.2 billion in 2025, with $9.4 billion 2028. Last month, he bagged a deal to purchase Twitter Inc for $44 billion in cash. This came across as a step that would shift control of the social media outlet to the SpaceX and Tesla CEO. Twitter is a highly popular site extensively used by millions of users, along with global leaders. Moreover, Musk has promised to revitalise the social media giant, increasing the number of users by removing spam bots. Along with it, by lessening the degree of moderation to appropriately promote more ‘free speech. Expectantly, the billionaire would become the temporary CEO of the company following the closure of the deal.
Musk’s additional goals:
Along with his primary goals, Musk hopes the company would bring in $15 million from a payments business in 2023, growing to about $1.3 billion. He anticipates to be able to increase Twitter’s average revenue per user from $24.83 last year to $30.22 by 2025. Moreover, he expects the company to have 11,072 workers from about 7,500 in 2025, with Twitter Blue having 69 million users by 2025. Twitter’s premium subscription service, Twitter Blue was launched in 2021. Musk had suggested a range of changes to this service such as slashing its price, in a tweet. However, his tweet was later removed.
On Thursday, May 5, Musk listed a range of high profile investors who were willing to provide funding of $7.14 billion for his bid on Twitter. These included the co founder of Oracle, Larry Ellison, along with Sequoia Capital. He had increased his financing commitment to $27.25 billion, including commitment from as much as 19 investors. This came along with the reduction of a margin loan from Morgan Stanley, which was linked to his Tesla stock to $6.25 billion. Notably, Musk has already secured commitment for an amount of $13 billion in loans against shares in Twitter. Neither Twitter nor Musk acknowledged any requests made for a comment on the development.
