Image Source: CNBC
While the news of Elon Musk purported Twitter takeover continues to dominate social media conversation. Musk, a billionaire and the richest man in the world has come out to explain his plans to increase Twitter revenue in the coming years.
In a pitch presented to investors, Elon Musk believes that by 2028, he can treble Twitter’s earnings solely through subscriptions. Tesla CEO Elon Musk expects Twitter to generate $10 billion in revenue by 2028, after investing and buying it for $44 billion in cash. This is more than double what Twitter earned in 2021.
According to the New York Times, Musk told some of Twitter’s investors about his intentions and expectations under this ownership. By 2025, the SpaceX founder and CEO want to have 69 million Twitter Blue subscribers. Musk hopes to have 128 million Twitter Blue subscribers by the year 2028.
For those unfamiliar, Twitter Blue was introduced last year in India and a number of other countries. The subscription service costs almost $4 a month and includes features such as undoing tweets, collecting tweets and creating folders, changing the color of the Twitter icon, and more. You can also read extended twitter threads in Reader mode.
Musk also anticipates a nearly threefold growth in Twitter’s user base by 2025. He estimates that Twitter will have 600 million users by 2025 and 931 million by 2028.
There’s also an undisclosed subscription service that’ll have nine million users by 2023 and 104 million by 2028. While Musk did not provide the name or other details about the subscription service, it could be the one he hinted about recently, in which governments and companies would be charged a fee to use Twitter.
Under Musk’s ownership, Twitter also plans to increase revenue through advertising. By 2028, the corporation wants to make around $12 billion in ad revenue. In addition, the company expects to earn $15 million from an unnamed payments business that could generate $1.3 billion in sales by 2028.
Musk also intends to hire approximately 3,600 people in the near future. By 2025, the corporation hopes to have 11,072 employees. According to a recent Glassdoor report, job interest in Twitter has surged by 250 percent.
In the midst of the takeover, Musk has reiterated his commitment to free speech. While speaking on the issue via a tweet, Musk expressed his desire to see even his harshest critics remain on the social media platform, because to him, that is the essence of free speech. “I hope that even my worst critics remain on Twitter, because that is what free speech means.” The tweet reads.
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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.