Elon Musk is aiming to increase Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck presented by the world’s richest man to investors.
Advertising will fall to 45% of total revenue under Musk, down from around 90% in 2020, generating $12 billion in revenue in 2028, while subscriptions are expected to pull in another $10 billion, according to the report.
Musk clinched a deal last month to buy Twitter for $44 billion in cash, in a move that will shift control of the social media platform populated by millions of users and global leaders to the Tesla Inc chief.
Musk is expected to become Twitter’s temporary CEO after closing the takeover, a person familiar with the matter told Reuters on Thursday, as the billionaire seeks to add investors to the deal.
Subscription revenue from Twitter Blue is expected to generate $69 million in revenue by 2025, the NYT reported.
Musk could not be reached for comment.
Twitter did not immediately respond to a Reuters request for comment.
The newspaper said Musk anticipates he can increase Twitter’s average revenue per user to $30.22 in 2028 from $24.83 last year.