Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has assured Twitter Inc (NYSE: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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