Elon Musk plans to quintuple Twitter’s annual revenue to $26.4 billion

Doğa Yurduneri -

In a pitch deck to investors obtained by the New York Times, Elon Musk revealed his plans to increase Twitter’s annual revenue fivefold to $26.4 billion by 2028. The following are Musk’s goals for Twitter in years to come:

  • Reduce Twitter’s reliance on advertising to 45%. Twitter’s ad revenue currently accounts for about 90% of its total revenue.
  • Increase average revenue per user by $5.39 by 2028. This would bring Twitter’s average revenue per user to $30.22. Musk also believes governments and organizations should pay to be on Twitter.
  • Generate $15 million in revenue from a payments business by 2023. Musk wishes to increase that amount to $1.3 billion by 2028. Today, the company’s payment business is limited to tipping and shopping, which is negligible. This could potentially mean bringing payment abilities to Twitter.
  • Reach 600 million users by 2025. And 931 million by 2028. Twitter’s current number of total users sits around 217 million.
  • Grow Twitter Blue subscribers to 69 million by 2025. And 159 million by 2028. Twitter Blue users pay $2.99/month to customize their experience on the app.
  • Get 104 million subscribers to a mysterious new product called X by 2028. The product shows up on the pitch deck in 2023, but no information as to what it is yet.
  • Hire 3,600 employees by 2025. Musk expects Twitter to have 11,072 employees by 2025, up from around 7,500 today. This increase would likely happen after Musk shakes up and lets go of part of the current workforce as part of his takeover before bringing in new talent.

In Related News: Musk also plans to reverse Twitter’s decision to ban former President Donald Trump. Discussing his thoughts during an appearance at the Financial Times Future of the Car Summit on Tuesday, Musk said that removing Trump from Twitter did not end his voice and further amplified it among the right. He described the action as “morally wrong and outright stupid.” He believes that the platform should not institute permanent bans for users who violate its content policies. Musk also stated that it’s critical to reduce Twitter’s “left-leaning bias” as it fails to build trust in parts of the U.S. and the world.