Image Source: CNBC
Elon Musk has stepped out to express his goals for the microblogging network when the takeover is done, as the rumored takeover of Twitter continues to dominate the online landscape. Fo Musk wants to increase Twitter revenue in addition to advocating free speech regardless of political ideas and leanings. According to Musk, Twitter is a medium with enormous potential, which he plans to use once he assumes control.
Elon Musk aims to increase Twitter’s yearly earnings to $26.4 billion by 2028, according to the New York Times, a significant increase from the current $5 billion in sales. This was said in a pitch deck handed to investors by the world’s richest man, Elon Musk.
According to research, advertising will account for 45 percent of total revenue under Musk, down from around 90% in 2020. In 2028, this will generate $12 billion in revenue, with memberships bringing in another $10 billion. Additionally, according to the publication, Tesla’s CEO intends to increase Twitter’s cash flow to at least $3.2 billion in 2025 and $9.4 billion in 2028.
Musk decided to buy Twitter for $44 billion in cash last month, effectively taking control of the microblogging network that has become home to millions of individuals, including world leaders. When the deal is finalized, the Tesla CEO will control 100 percent of Twitter.
According to a source familiar with the situation, Musk has promised to re-energize the company and ensure an increase in user numbers while focusing on spambots. Musk also wants to reduce the level of moderation on the social media platform to allow for more “free expression.” He is anticipated to take over as interim CEO of Twitter once the purchase is completed.
According to the New York Times, Musk anticipates the social media company’s payments business to generate $15 million in 2023 and $1.3 billion by 2028.
According to Musk, Twitter’s average revenue per user will rise to $30.22 in 2028, up from $24.83 last year. He also predicts that by 2025, Twitter will have 11,072 employees, up from roughly 7,500 presently.
According to the firm, Twitter Blue, the company’s premium membership service that started last year, is expected to have 69 million subscribers by 2025. In a now-deleted post last month, Musk proposed a number of improvements to the social media giant’s Twitter Blue premium subscription program, including decreasing its price.
On Thursday, Musk said that a group of high-profile investors, including Larry Ellison, the co-founder of Oracle, and Sequoia Capital, are willing to contribute $7.14 billion to his bid for Twitter.
Musk has boosted his financial commitment to $27.25 billion, which includes pledges from 19 investors, and has decreased a $6.25 billion Morgan Stanley margin loan connected to his Tesla stock. He’s already gotten loan guarantees worth $13 billion backed by Twitter stock.
Musk or any member of his team could not be reached for comment or confirmation.