Here Is How Elon Musk Aims To Quintuple Twitter's Revenue By 2028

Tesla Inc TSLA CEO Elon Musk has assured Twitter Inc TWTR investors that he could increase the company's revenue by many folds within a couple of years. 

What Happened: Musk aims to increase Twitter's annual revenue to $26.4 billion by 2028, up from $5 billion last year, according to the New York Times. 

According to the report, Twitter's advertising business will fall to 45% of total revenue under Musk, down from about 90% in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion. 

Musk has indicated that he will attract 931 million users to the platform by 2028, with 104 million users subscribed to a new product called X. 

Similarly, he is looking forward to increasing Twitter's cash flow to $3.2 billion in 2025 and $9.4 billion in 2028. 

Also Read: Lawsuit May Delay Elon Musk's Twitter Takeover: Here's What You Need To Know

Musk expects the social media company to bring in $15 million from a payments business in 2023 that will grow to about $1.3 billion by 2028. 

He believes he can increase Twitter's average revenue per user to $30.22 in 2028 from $24.83 last year. Twitter Blue is expected to have 69 million users by 2025.

Musk is looking forward to hiring more employees, with a goal of 11,072 workers by 2025, the company currently has about 7,500 employees. 

Why It Matters: Musk is expected to step in as interim CEO after the deal's closing, which is awaiting regulatory approval.

Musk has increased the financing commitment to $27.25 billion, including commitments from 19 investors, and reduced a margin loan from Morgan Stanley tied to his Tesla stock to $6.25 billion. 

Last week, Musk told investors that he plans to return Twitter to public ownership in as little as three years after completing the takeover.

Twitter closed Friday's session down 1.11% at $49.80, according to Benzinga Pro data.

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