Tesla CEO Elon Musk has been creating a buzz ever since he announced that he was buying Twitter for a whopping $44 billion. Since then, he has suggested a number of key measures for improving the platform and increasing its revenue in the coming days. The list includes introducing ‘slight cost’ for government and commercial users, introducing end-to-end encryption in Twitter direct messages (DMs) and introducing an edit button among other things. Now, word is that Musk has a shared a more detailed plan on how he plans to improve things at Twitter once he takes over. Also Read - Tesla CEO Elon Musk slams Twitter for having bot friendly rules
In a pitch deck for the investors obtained by The New York Times Musk has said that he plans to grow Twitter’s monthly users from 217 million that it had at the end of 2021 to around 600 million in 2025 to 931 million by the end of 2028. This means that Musk wants to quadruple Twitter’s user base in coming six years. In addition to this, Musk also plans to hire around 3,600 new employees by 2025, which would take the company’s existing headcount from around 7,500 employees to around 11,072 employees. Also Read - Twitter’s answer to Instagram Close Friends is rolling out to more users
As far as the revenue is concerned, the Tesla CEO said that he believes that the micro-blogging platform can quintuple its annual revenue from approximately $5 billion the company made in 2021 to $26.4 billion by 2028. To make this happen, Musk wants to diversify its sources. For starters, it wants the social media platform to bring $15 million in revenue from a payments business in 2023, which he wants to grow to around $1.3 billion by 2028. In addition to that, he wants Twitter to reduce its dependence on revenue from ads. At the moment, advertising accounts for almost 90 percent of the company’s revenue. Going forward, Musk wants to cut this to about 45 percent by 2028. By 2028, he wants advertising to bring in around $12 billion in revenue and subscription revenue to stand around $10 billion. Also Read - Elon Musk to Jeff Bezos: Party less and work more
To make this happen, Twitter would need a lot more paying customers that it has today. Musk has forecasted Twitter Blue users to stand at around 69 million by 2025 and 159 million by 2028.
Interestingly, the SpaceX founder also wants paid subscribers for a mysterious new service called ‘X’ be around 104 million. While Musk didn’t share the details of this service, he did say that the service would provide an ad-free experience to Twitter users.