Sunday, June 26, 2022

Elon Musk aims to quadruple Twitter revenue by 2028

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Media say US billionaire Elon Musk, the founder of electric car company Tesla and spacecraft company SpaceX, aims to quadruple Twitter’s annual revenue to $26.4 billion by 2028, which would be a huge increase.

By 2028, Twitter’s revenue will reach $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 reduce Twitter’s reliance on ads to 45 percent of its total revenue. By 2028, he says, advertising will bring in $12 billion and subscriptions $10 billion. According to the document, other companies would monetize things like data licenses, tips and shopping.

It will also reach 931 million users, have 104 million subscribers to a new unannounced product called “Product X,” and hire 3,600 additional people by 2028, the billionaire says.

It was in late April when Musk and Twitter agreed on a deal to buy the social network for about $44 billion. Musk agreed to pay approximately $54.20 per share for each Twitter share. After this, Musk said he would like to change the way Twitter is used in public discourse, because “freedom of speech is the foundation of a functioning democracy, and Twitter is the digital city square where important issues for the future of humanity are discussed. “

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 approximately $25.5 billion. Some of that money will be backed by Tesla stock and about $12.5 billion of that money will be used to pay off some of the debt.

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