Elon Musk spoke about his new plans for Twitter in an attempt to woo investors during a presentation. Musk informed the investors that he would go on a hiring spree after cleaning up the platform.
To hook investors further, he also stated that he will quintuple the revenue generated by the social networking platform in a few years. A new report also claimed that he will also be launching a mysterious product named ‘X’ in the near future.
Reportedly, the Tesla CEO told the investors that he will take Twitter’s yearly revenue from $5 billion in 2021 to $26.4 billion in the next seven years.
According to the New York Times, Twitter will be earning around $15 million in 2023 through a payments business. The earnings are anticipated to grow to nearly $1.3 billion in 2028.
Instead of relying on the revenue derived from advertising, Musk is focused on generating $10 billion yearly through subscriptions. In 2020, Twitter experienced a massive drop in revenue from advertising.
Musk also aims to launch a new product by 2023 named ‘X.’ According to Musk, this mysterious product will have more than 100 million users by 2028. The New York Times believes ‘X’ could be an ad-free experience on Twitter for users.
Musk intends to increase the number of Twitter users from the recorded estimate of 217 million in 2021 to over 900 million by 2028. He is confident that Twitter Blue will have around 70 million users by 2025. Twitter Blue will offer premium features to the users for a $3 monthly subscription fee.
The Daily Mail reported that Musk has planned to fire around 1,000 Twitter employees once he takes over the social networking platform. However, a report from the New York Times noted that this will be followed by a hiring spree which will increase Twitter’s workforce to over 11,000 employees by 2025.