By 2028 Elon Musk intends to quintuple Twitter's revenue: Report

As per news source, Founder of Tesla, Elon Musk aims to quintuple Twitter's annual revenue to USD 26.4 billion by 2028.

The news source cited Musk's pitch deck presented to investors as saying that he would quintuple Twitter's revenue to USD 26.4 billion by 2028, up from USD 5 billion in 2021.

He also aims to reduce Twitter's dependence on advertising to 45 pc of total revenue, saying that in 2028 advertising would generate USD 12 billion in revenue and subscriptions some USD 10 billion. Also, revenues would be generated from different businesses, such as data licensing, tipping, and shopping, according to the document.

He expects to increase average revenue per user to USD 30.22 in 2028, reaching 931 million users, have 104 million subscribers for a new unannounced product, which Musk called product X, and hire additional 3,600 employees.

Musk reached an agreement with Twitter on the acquisition of the social network for USD 54.20 per share in a transaction valued at approximately USD 44 billion in late April. Musk later said that he would like to revolutionize 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."