During a presentation to woo investors, Elon Musk laid out his plans for what actions he intends on implementing when he takes over Twitter. Musk reportedly told investors that he would clean house at Twitter, but then go on a hiring spree. The Tesla CEO also assured investors that he would quintuple revenue on the social media platform within a few years and launch a new mystery product named “X,” according to a new report.
Musk reportedly told financial backers that he would quintuple Twitter’s annual revenue from $5 billion in 2021 to a whopping $26.4 billion by 2028.
The New York Times reported, “Twitter would bring in $15 million from a payments business in 2023, according to the document, which would grow to about $1.3 billion by 2028.”
Musk allegedly wants to rely on advertising far less – dropping from roughly 90% of total revenue in 2020 to about 45% of total revenue derived from advertising. Instead, the SpaceX founder expects to take in nearly $10 billion from subscriptions to the social media platform.
Musk also plans to release a new product that is mysteriously named “X.” The enigmatic product X would launch in 2023, and Musk estimates the service will have 104 million users in 2028. The Times hypothesizes that the mystery product could be an “ad-free experience on Twitter.”
The South African billionaire told investors that he plans to grow Twitter from 217 million users in 2021 to 931 million in 2028. He believes that by 2025, Twitter Blue – the platform’s $3 monthly subscription that provides additional features – will grow nicely to 69 million users.
Musk is planning to fire 1,000 Twitter employees after he takes control of the social media network, according to the Daily Mail.
However, the New York Times report claims that Musk will go on a hiring spree and have more than 11,000 employees by 2025 – a dramatic increase from the approximately 7,500 workers that Twitter currently has.
Musk should have no issue filling job positions, according to a report.
Daniel Zhao – a senior economist and data scientist at the job insights website Glassdoor – tweeted that following the announcement of Musk purchasing Twitter, interest in jobs on Twitter have skyrocketed 263% between April 24 to April 30, compared to the March 2022 baseline.
Last month, there was a Reuters report that claimed Musk seeks to slash the salaries of executives and board members.