Elon Musk will increase Twitter's annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported.
Revenue from advertising will drop to 45% of total revenue under Musk, down from around 90% in 2020 and projected to generate $12 billion in revenue by 2028. Subscriptions are expected to attract another $10 billion, according to the report.
The social media company will generate $15 million from its payments business by 2023, according to the NYT report. This revenue will grow to around US$ 1.3 billion by 2028.
Musk struck a deal last month to buy Twitter for $44 billion in cash, in a move that would shift control of the social media platform home to millions of users and global leader to the head of Tesla Inc.
Musk is expected to become Twitter's interim CEO after closing the takeover, a person familiar with the matter told Reuters.
Twitter Blue is expected to have 69 million users by 2025, according to the NYT report.
Musk could not be reached for comment. Twitter did not immediately respond to a request for comment from Reuters.
The paper said Musk anticipates he can increase median revenue per Twitter user to $30.22 by 2028 from $24.83 last year.
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