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Elon Musk plans to quintuple Twitter's revenue by 2028

7 May 2022
2023
1 min.
4
Elon Musk plans to quintuple Twitter's revenue by 2028

Elon Musk's plans

Entrepreneur Elon Musk, who is acquiring Twitter, intends to more than quintuple the company's revenues in six years. The New York Times reported this on Friday, citing data from a presentation to investors.

According to its information, Musk plans to bring Twitter's annual revenue to $26.4 billion by 2028. Last year it was around $5 billion. Along with this, he wants to change the balance between advertising revenues and funds raised from subscriptions in favor of the latter. Thus, in six years the revenues from paid subscriptions should reach $10 billion. It should be noted that Musk also expects the number of users of the social network to more than quadruple from 217 million at the end of 2021 to 931 million after six years. At the same time, 104 million of them, according to Musk's plans, will be paid subscribers.

At the beginning of May Musk announced that Twitter could become paid for organizations and government agencies, while for ordinary users the social network will remain free.

Twitter's management announced on 25 April that American entrepreneur Elon Musk would buy the company for $44 billion.

According to the Securities and Exchange Commission, if the billionaire decided to terminate the agreement, he would have to pay Twitter a $1 billion fine. If Twitter initiated the deal, Musk would receive compensation. The final closing date of the deal is set for 24 October 2022.

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