Laying off 1,000 employees, quintupling revenue, paying $3 monthly per users and reducing reliance on advertising revenue are Elon Musk’s plans once his Twitter purchase is complete. The transfer of ownership of the social media platform is expected to take six months. After the deal closes, Musk will become the temporary CEO of Twitter.
Musk intends to hire thousands of employees over the next three years and increase the current headcount from 7,500 to 11,000 employees. The plans were presented by the entrepreneur to investors this week, reports the British newspaper Daily Mail.
The billionaire plans to close Twitter’s San Francisco headquarters and cut board members’ salaries, saving $3 million in expenses. He expects to increase Twitter’s annual revenue fivefold, from $5 billion last year to $26.4 billion by 2028.
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The platform’s revenue in advertising was 90%, in 2020, Musk wants to reduce it to 45%. By 2028, he plans to have ads generate $12 billion in revenue and subscriptions $10 billion. Musk suggests that users pay for subscriptions with cryptocurrency, Dogecoin.
The entrepreneur also plans to see Twitter’s cash flow increase to $3.2 billion in 2025 and $9.4 billion in 2028. Twitter’s cash flow will increase once it takes on the $13 billion in debt as part of the purchase of the company.
The deal closed in April to buy Twitter was $44 billion in cash. The billionaire wants to make the changes and expand the number of users, cracking down on spam bots and reducing the amount of moderation to ensure more ‘freedom of speech’.
Musk is familiar with the world of digital payments and expects the social media company to raise $15 million in a payments business in 2023, which will grow to around $1.3 billion by 2028.
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