Elon Musk aims to increase Twitter's annual revenue to $26.4 billion by 2028. That's up from last year's $5 billion, the New York Times reported Friday, citing Pitch Deck.
Advertising will drop to 45% of total revenue under Musk, down from around 90% in 2020. Advertising will generate $12 billion in revenue by 2028, while subscription fees are expected to attract another $10 billion, according to the report.
The Tesla Inc owner also aims to increase Twitter's cash flow to $3.2 billion by 2025 and $9.4 billion by 2028, citing the presentation.
Musk struck a deal last month to buy Twitter for $44 billion in cash. It transferred control of the social media platform populated by millions of users and global leaders to Musk.
The billionaire has vowed to revitalize the company and expand the number of users by cracking down on spam bots and reducing the amount of moderation to facilitate more "freedom of speech".
Following the close of the acquisition deal, Musk is expected to become Twitter's interim CEO, a person familiar with the matter told Reuters on Thursday.
Among other goals, Musk expects the social media company to generate $15 million from the payments business by 2023 which will grow to about $1.3 billion by 2028, the NYT cites the document.
Musk wants to be able to increase the median revenue per Twitter user to $30.22 by 2028 from $24.83 last year. He also expects Twitter to have 11,072 employees by 2025, up from about 7,500 employees.
Revenue from Twitter Blue, the company's premium subscription service that launched last year, is expected to have 69 million users by 2025, the NYT reports.
Musk, in a now-deleted tweet last month, suggested a number of changes to social media giant Twitter Blue's premium subscription service, including cutting its price.
On Thursday, Musk listed a group of well-known investors who are ready to provide $7.14 billion to buy Twitter, including Oracle co-founders Larry Ellison and Sequoia Capital.
Musk has increased financing commitments to $27.25 billion, which includes commitments from 19 investors, and reduced margin borrowing from Morgan Stanley linked to his Tesla stake to $6.25 billion. He has secured a $13 billion loan commitment to Twitter stock.
Musk could not be reached for comment. Twitter did not immediately respond to a request for comment from Reuters.
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