Musk Plans to Double Twitter's Annual Revenue to $26.4 Billion by 2028

Elon Musk aims to grow Twitter (NYSE:TWTRannual )'s revenue to $26.4 billion by 2028, up from $5 billion last year, according to a pitch deck delivered to investors, as reported by The New York Times on Friday.

According to the research, advertising will account for 45 percent of overall revenue under Musk, down from 90 percent in 2020, creating $12 billion in revenue in 2028, while subscriptions would provide an additional $10 billion.

According to the presentation, the CEO of electric vehicle manufacturer Tesla (NASDAQ:TSLA) Inc also intends to raise Twitter's cash flow to $3.2 billion in 2025 and $9.4 billion in 2028.

Musk closed a deal to acquire Twitter for $44 billion in cash last month, thereby gaining control of the social media site populated by millions of users and world leaders.

The billionaire has pledged to resuscitate the company and increase its user base by cracking down on spam bots and eliminating moderation to allow for more "free speech."

Musk is poised to become Twitter's interim CEO following the closing of the purchase, a source familiar with the subject told Reuters on Thursday.

According to a memo obtained by the New York Times, Musk expects the social media company to generate $15 million from a payments business in 2023, which will increase to approximately $1.3 billion by 2028.

According to the report, Musk believes he can improve Twitter's average revenue per user to $30.22 in 2028 from $24.82 last year. He also anticipates that Twitter will have 11,072 employees by 2025, up from approximately 7,500 today.

According to the New York Times, Twitter Blue, the company's premium membership service established last year, is projected to have 69 million subscribers by 2025.

Musk recommended last month, in a now-deleted post, a number of modifications to the social media giant's Twitter Blue premium subscription program, including a price reduction.

Musk identified on Thursday a group of prominent investors willing to offer $7.14 billion in finance for his Twitter proposal, including Oracle (NYSE:ORCL) co-founder Larry Ellison and Sequoia Capital.

Musk has boosted the finance commitment to $27.25 billion, which includes commitments from 19 investors, and decreased the margin loan connected to his Tesla stock from Morgan Stanley (NYSE:MS) to $6.25 billion. He has already had loan pledges for $13 billion secured by Twitter shares.

Musk was unavailable for comment. Twitter did not react immediately to a request for comment from Reuters.