Elon Musk aims to quintuple Twitter’s revenue to $26.4 billion by 2028: Report

Washington (US), May 7: American billionaire Elon Musk intends to quintuple Twitter's annual revenue to USD 26.4 billion by 2028, media reported on Saturday. The New York Times cited the Tesla founder's pitch deck presented to investors as saying that Musk would quintuple Twitter's revenue to USD 26.4 billion by 2028, up from USD 5 billion in 2021. Musk also aims to cut Twitter's reliance on advertising to 45 percent of total revenue, estimating that advertising would generate USD 12 billion in revenue and subscriptions some USD 10 billion by 2028. Data licencing, tipping, and shopping, among other businesses, would produce more revenue, according to the document. Musk also plans to increase average revenue per user to USD 30.22 in 2028, hitting 931 million users, have 104 million subscribers for a new unannounced product dubbed "Product X," and hire an additional 3,600 employees. Also Read | No Covid-19 death data fudged in Delhi, says Minister Satyendar Jain In late April, Musk agreed to buy Twitter for USD 54.20 per share in a deal worth around USD 44 billion. Musk later stated that he would like to revolutionise Twitter's role in public debate as "free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated." Earlier, the American billionaire said that he was ready to spend USD 21 billion of his own funds to seal the deal and that Morgan Stanley Senior Funding, Bank of America, Barclays, and other institution will provide USD 25.5 billion in debt financing, with some USD 12.5 billion to of the loan to be secured with Tesla shares. Also Read | India's total fertility rate falls from 2.2 to 2.0, obesity goes up: NFH survey -PTC News