© Reuters. FILE PHOTO: Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly
(Corrects to 69 million users by 2025 from $69 million in revenue in paragraph 6, after the NYT corrected its story to clarify)
(Reuters) – Elon Musk is aiming to increase Twitter (NYSE:)’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.
The social media company would bring in $15 million from a payments business in 2023, the NYT reported, that would grow to about $1.3 billion by 2028.
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 (NASDAQ:) 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.
Twitter Blue is expected to have 69 million users 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.
(The story corrects to 69 million users by 2025 from $69 million in revenue in paragraph 6, after the NYT corrected its story to clarify.)