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Musk aims to increase Twitter's revenue to US$26.4 billion by 2028: Report

Musk aims to increase Twitter's revenue to US$26.4 billion by 2028: Report

Elon Musk arrives at the Met Gala at the Metropolitan Museum of Art in New York City on May 2, 2022. (Photo: Reuters/Andrew Kelly)

Elon Musk is aiming to increase Twitter's annual revenue to US$26.4 billion by 2028, up from US$5 billion last year, the New York Times reported on Friday (May 6), citing a pitch deck presented by the world's richest man to investors.

Advertising will fall to 45 per cent of total revenue under Musk, down from around 90 per cent in 2020, generating US$12 billion in revenue in 2028, while subscriptions are expected to pull in another US$10 billion, according to the report.

The social media company would bring in US$15 million from a payments business in 2023, the NYT reported, that would grow to about US$1.3 billion by 2028.

Musk clinched a deal last month to buy Twitter for US$44 billion in cash, in a move that will shift control of the social media platform populated by millions of users and global leaders to the Tesla chief.

Musk is expected to become Twitter's temporary CEO after closing the takeover, a person familiar with the matter told Reuters on Thursday, as the billionaire seeks to add investors to the deal.

Twitter Blue is expected to have 69 million users by 2025, the NYT reported.

Musk could not be reached for comment. Twitter did not immediately respond to a Reuters request for comment.

The newspaper said Musk anticipates he can increase Twitter's average revenue per user to US$30.22 in 2028 from US$24.83 last year.

Source: Reuters/zl

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