May 9, 2022
New Twitter owner Elon Musk plans to boost Twitter’s annual revenue to $26.4 billion by 2028, according to a New York Times report on Friday.
The news platform cited a pitch desk that Elon Musk presented to investors.
The billionaire plans to increase Twitter’s cash flow to $3.2 billion in 2025 and $9.4 billion in 2028. Advertising will fall to 45% of total revenue under Musk, from about 90% in 2020 to $12 billion in 2028. Subscriptions are expected to generate another $10 billion.
Tesla CEO Elon Musk expects Twitter to make $15 million from a payment business in 2023, which he hopes to grow to about $1.3 billion by 2028.
Musk sealed the deal to buy Twitter for $44 billion in April as he seeks to revive the prestigious social media app used by millions of users and world leaders.
Musk promised to revive the company and increase the number of users by cracking down on spambots. He also promised to reduce the scope of moderation to ensure more “free speech.”
The sources for this piece include an article in Reuters.
