Elon Musk is reportedly planning to increase Twitter’s revenue fivefold by 2028.
US billionaire Elon Musk, founder of electric car maker Tesla and spacecraft maker SpaceX, has announced plans to raise Twitter’s annual revenue to $ 26.4 billion by 2028.
The New York Times reports that Elon Musk will increase Twitter’s revenue fivefold to $ 26.4 billion by 2028, up from $ 5 billion in 2021.
Musk has said it wants to reduce its reliance on advertising to 45 percent of Twitter’s total revenue, claiming it will generate $ 12 billion in advertising revenue and $ 10 billion in subscriptions by 2028.
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In addition, reports suggest that other revenue has been generated from various businesses such as data licensing, tipping and shopping.
Elon Musk plans to increase the average revenue per user to $ 30.22 by 2028. It is said that Twitter will reach 931 million users by then.
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Elon Musk acquired Twitter last month in a deal worth about $ 44 billion. He said he wanted to revolutionize the social networking site Twitter, which would include freedom of speech.